China’s economy to shrink 10%: Survey

China’s economy to shrink 10%: Survey

Agency News

An independent survey indicates that the China’s economy likely to shring by 10 percent in the first quarter.

China Beige Book, an independent survey team which provides the world's only large-scale independent data on the Chinese economy, has earlier predicted that the first quarter of China have fallen to their lowest level in nearly 10 years. The firm conducts an independent survey of more than 3,300 Chinese businesses every quarter.

An early look at Chinese business conditions in March shows little indication the economy has recovered much from the shock of the coronavirus in the first two months of the year, according to the China Beige Book.

“Crucially the results continued to deteriorate into mid-March when most firms were re-opening and supposedly ‘back to work,’” the report said.