Business

Corona Hit China: China’s split! For the first time, how much was the loss due to corona

Photo:FILE China

Highlights

  • China’s economy has broken down by 0.4 percent due to strict lockdown
  • Economic growth fell to 0.4 percent in the first quarter of the year
  • Strict lockdowns were imposed in Shanghai as well as other cities in March-April.

Corona Hit China: The world-destroying corona virus originated from China, China has not yet accepted this fact, but now after two and a half years, China has accepted it for the first time. That his economy has definitely gone into a pit due to the lockdown imposed due to Corona virus in 2022. According to the latest economic data released by China, its economy has broken down by 0.4 percent due to strict lockdown imposed in Shanghai and other cities.

China’s National Statistical Bureau released the latest figures on Thursday, showing that strict lockdowns were imposed in Shanghai as well as other cities in March-April this year to fight the outbreak of the corona virus. Business activities and people were closed at homes. During this, China’s economic growth fell to 0.4 percent in the first quarter of the year.

‘Stable improvement’ continues

Despite the current slump, the government said the economy was continuing with a “steady recovery”. Activity improved in May and June. Anti-infection control measures have disrupted shipping operations in Shanghai, the world’s busiest port, disrupting manufacturing activities there and other major cities. Lakhs of people were confined to their homes, which reduced consumer spending. Most economic forecasters expect China to fail to meet the ruling Communist Party’s growth target of 5.5 percent this year.

Chances of lockdown again in China

The corona virus havoc in China is not over yet. In view of the increasing cases of infection, lockdown can be resorted to again to rein in its outbreak. If the lockdown is imposed again in China, the world’s second largest economy, then its consequences for the country’s economy will be quite frightening. This will prove to be a big blow to the economy and will have an impact on the whole world. A city in China was closed for 3 days only after only one case of infection was reported.

Huge fall in stock market

In China these days, Corona has again created panic, after which the Chinese stock market has broken badly in the last 15 days. China’s Hang Seng China Enterprise Index The Hang Seng China Enterprise Index has fallen by nearly 9 percent since June 28. In such a situation, concerns have arisen again in front of investors that if the cases of corona increase, then economic activities will come to a standstill again.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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