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Hobbled by coronavirus, China’s first-quarter GDP shrinks for first time on record | Reuters
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Hobbled by coronavirus, China’s first-quarter GDP shrinks for first time on record | Reuters

Gross domestic product in China has fallen by 6.8% during this first quarter. Analysts are now working to combat unemployment and failing businesses. “First-quarter GDP data is still largely within expectations, reflecting the toll from the economic standstill when the whole society was on lockdown,” commented chief economist Lu Zhengwei. Spokesmen have also noted that their main concern is domestic demand, as the country’s society still has not recovered. Currently China is estimating that the second yearly quarter will have fallen as well. Reports of new policies to stimulate the economy have also been circulating.

Source: https://www.reuters.com/article/us-china-economy-gdp/hobbled-by-coronavirus-chinas-first-quarter-gdp-shrinks-for-first-time-on-record-idUSKBN21Z08Q