China economy shrinks in Q1, first drop in over 40 years - Business Insider

Medical staff members pose for a group photo after returning home from Wuhan helping with the COVID-19 coronavirus recovery effort, in Bozhou, in China's eastern Anhui province on April 10, 2020.China's economy fell by 6.8% in the first three months of 2020, signalling gloom for the country severely impacted by the coronavirus that emerged in its central city of Wuhan and spread to the rest of the world.

On news of the data, American economist Nouriel Roubini remarked that the collapse in the first-quarter was "staggering," while one investor described the contraction as an "extraordinary shock."China's economy shrank for the first time in almost half a century in the first three months of 2020 as production and spending were frozen by the country's coronavirus lockdown.

The sharp contraction reflects the weakness in consumer spending and investor confidence while the coronavirus has flattened economies around the world. The central Chinese city of Wuhan, where the virus first emerged,The economic data released on Friday showed that industrial production fell by 1.1% year-on-year, retail sales of consumer goods fell 19%, investment in fixed assets fell by 16.1%, imports and exports were down by 6.4% — all worse than estimated.

"The result modestly is on the rosy side of what we believe actually happened in Q1," said Miguel Chanco, senior Asia economist at Pantheon.

7%....ok now give us the real number. No contraction in 40 years? Good, now pay your debt to society for your irresponsible handling Covid.

Fantastic news

The fact that I want China to face backlash for hiding and covering up their data sometimes overrides my heart/knowledge that the world is suffering and we are all human beings who love people who have passed and who will die. Such a sad time we are living through.

viriyabot 7% is the official no. claimed by CCP only. I believe the reality is even worse.

Good.

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