BEIJING: Shi Xiaomin, who used to export suits and blazers by the thousands to South Korea, the Netherlands and the United States, was luckier than many other Chinese factory owners.
"The unprecedented shutdown of normal economic activity across Europe, the US and a growing number of emerging markets is certain to cause a dramatic contraction in Chinese exports, probably in the range of a 20-45 per cent year-on-year drop in the second quarter," said Thomas Gatley, senior analyst at research firm Gavekal Dragonomics.
"We know this year is bad and next year would be better, but the question is how many factories can make it to next year?" Shi said.Economists had initially anticipated a V-shaped recovery for China's economy, similar to that seen after SARS epidemic in 2003. But analysts have since slashed their forecasts to levels not seen since the Cultural Revolution ended in 1976.
Even when they do have orders, exporters are worried about constantly changing restrictions countries have adopted to curb the spread of the virus. More big layoffs would be a concern for the ruling Communist Party and its focus on social cohesion and economic stability, particularly in a year when Beijing aims to double GDP and disposable incomes from a decade ago.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China health commission says virus transmission risks remainChina cannot afford to let its guard down when it comes to combating the coronavirus, with the country still at risk from sporadic infections as ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China health commission says virus transmission risks remainBEIJING/SHANGHAI (Reuters) - China cannot afford to let its guard down when it comes to combating the coronavirus, with the country still at risk from sporadic infections as well as those from overseas, a health official said on Tuesday. Mi Feng, spokesman with the National Health Commission, told a
Source: YahooSG - 🏆 3. / 71 Read more »
Coronavirus: Hubei residents rush to leave China virus epicentre as lockdown liftsMACHENG, CHINA (AFP) - Huge crowds jammed trains and buses in Hubei province on Wednesday (March 25) as people seized their first chance to travel after two months under lockdown at the epicentre of China's coronavirus outbreak.. Read more at straitstimes.com. They have been jobless for months now...
Source: The Straits Times - 🏆 8. / 63 Read more »
Spain overtakes China virus toll with 3,434 deathsMADRID — Spain's coronavirus death toll overtook that of China on Wednesday (March 25), rising to 3,434 after 738 people died over the past 24 hours, its government said. go and call china for help...
Source: TODAYonline - 🏆 1. / 99 Read more »
Nike says China is coming back as online growth cushions virus blowNike executives said Tuesday that shoppers in key Asian markets are beginning to return to stores as the company reported a rare drop in Chinese quarterly revenues cushioned by stronger e-commerce sales. 'Traffic is back,' Nike Chief Executive John Donahoe said of the dynamic in China that
Source: YahooSG - 🏆 3. / 71 Read more »
Hubei lifts restrictions as China reports no new domestic virus casesBEIJING — China lifted tough restrictions on the province at the epicentre of the coronavirus outbreak on Wednesday after a months-long lockdown as the country reported no new domestic cases.
Source: TODAYonline - 🏆 1. / 99 Read more »