Kathmandu, May 16
China’s economy has been hit harder than expected by the Covid-19 pandemic. The Covid outbreak is now spreading in Shanghai, China. This has caused chaos on China’s economy.
The world’s second-largest economy, China’s retail market, has been impacted the worst.
According to CNN, the production of industries has also been impacted. Retail commerce in
China has fallen by 11.1 percent year over year, according to the China Bureau of Statistics. This is up from the prior estimate of 6.1 percent. The Chinese market was influenced by 5% more than predicted previously.
China’s industrial production also decreased by 2.9 percent. In comparison to the previous year, this had increased by 5%. However, the industrial industry was once again impacted when the Corona pandemic broke out in Shanghai. At the same period, China’s labor market decreased by 6.1 percent. This is a 5.8% decrease from March. This is also the highest figure in the past 21 months.
