In 2003, the deadly SARS epidemic briefly interrupted China’s hard-charging ascent as an industrial powerhouse. Here's why bouncing back from the coronavirus outbreak may be more difficult:
Buoyed by Lunar New Year bonuses, Chinese consumers are supposed to be spendthrift this time of year — splurging on gifts, trips to the movies and lavish foreign vacations.in recent days has brought the world’s No. 2 economy to a virtual standstill, raising fears of a serious economic slowdown that could ripple across the globe.
Back then, consumer spending accounted for only one-fifth of China’s growth, which was much more reliant on factory workers churning out goods for the outside world. Today, with many exporters who had factories in China China’s banking regulator has pledged to help businesses by lowering some interest rates and making it easier to apply for loans. Any major stimulus, however, will have to take into consideration China’s surging debt of more than $40 trillion to fund massive infrastructure projects and prior loans to blunt the effects of the trade war with the
Beyond the travel industry, there are fears that China’s factories will take longer to come back online with migrant workers unable to travel. That poses a major risk for multinational companies such as Apple, which produces most of its products in China.
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