The State Administration of Statistics of China published a new report
The Chinese economy has decreased by 6.8% in the first three months before the beginning of 2020 compared to the same period of the previous year Meduza Referring to the Wall Street Journal.
According to media reports, this is the first such decline in the country’s GDP since 1992, when China began publishing quarterly reports on this indicator. The Financial Times newspaper said that this was the first time since 1976, when the PRC government recognized the decline in GDP annually.
According to a report by the State Statistics Office of the PRC, investment in real estate fell by 16.1% in the first three months. In March, retail sales fell to 15.8% in the first two months of the year, after a record decline of 20.5%. Industrial production fell 1.1% in March. The Statistics Agency emphasized that the short-term effects of the coronovirus epidemic will not affect the long-term growth potential of the Chinese economy.
Last month, experts at the US rating agency S&P Global Ratings said that the PRC economy would suffer the most serious setback, noting the negative consequences of the spread of coronavirus for the global economy. Thus, according to the agency’s recent report, figures on the Chinese economy for January and February were much weaker than expected. Nevertheless, “early stabilization signs” are already seen in the country, said Paul Grunwald, chief economist at the American company.
Paypal magazine help
We previously wrote that Alipay, the largest Chinese payment system, has created a special segment in its mobile application to promote merchants in Wuhan, a city in which the outbreak of COVID-19 was first recorded.
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