China's economy could shrink 10% in the first quarter, independent survey shows
COVID-19, which first emerged in late December in the Chinese city of Wuhan, has killed more than 3,200 people in mainland China. While the spread of the virus within the country has stalled, it has since infected hundreds of thousands around the world andMajor parts of the world have restricted travel and locked down cities in an effort to contain the virus, prompting fears of a global recession that has rocked financial markets around the world.
"Output contracted even more than it had in February, employee workweeks shrank further, and hiring continued to decline despite labor supply shortages worsening," Shehzad Qazi, managing director at China Beige Book, said in an email on Friday. The larger takeaway is clearly that return to work has not meant return to growth for China .
The China recovery story is no longer just about domestic resilience, but also factors beyond Beijing's control.Similarly, the China Beige Book's first quarter brief found that all eight regions of the country and every sector saw their workforce contract. The analysis noted that the survey results on employment weren't as bad as expected, especially for small- and medium-sized companies.
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