{"id":79105,"date":"2020-04-30T09:14:10","date_gmt":"2020-04-30T09:14:10","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/chinese-economy-contracts-first-time-28-years\/"},"modified":"2025-09-19T08:53:09","modified_gmt":"2025-09-19T08:53:09","slug":"chinese-economy-contracts-first-time-28-years","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/chinese-economy-contracts-first-time-28-years\/","title":{"rendered":"Chinese economy contracts for the first time in 28 years"},"content":{"rendered":"
\n

China\u2019s economy shrank in the first three months of 2020, its first contraction since 1992, as production and spending were frozen by the country\u2019s coronavirus lockdown.<\/em><\/p>\n

The National Bureau of Statistics reported that gross domestic product fell by 6.8 percent during the first quarter.<\/p>\n

The sharp contraction reflects the weakness in consumer spending and investor confidence while the novel coronavirus has strongly impacted the economies around the world.<\/p>\n

The economic data released showed that industrial production fell by 1.1 percent year-on-year, retail sales of consumer goods fell 19 percent, investment in fixed assets fell by 16.1 percent, and imports and exports were down by 6.4 percent \u2014 all worse than estimated.<\/p>\n

The financial toll the coronavirus is having on the Chinese economy will be a huge concern to other countries.<\/p>\n

Last year, China saw healthy economic growth of 6.4 percent in the first quarter, a period when it was locked in a trade war with the US.<\/p>\n<\/div>\n

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China\u2019s economy shrank in the first three months of 2020, its first contraction since 1992, as production and spending were frozen by the country\u2019s coronavirus lockdown. 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