China’s Jan-Feb industrial output contracts at sharpest pace in 30 years
This marked the sharpest contraction in China’s industrial output in 3 decades.
Furthermore, data showed that retail sales fell by 20.5% on a yearly basis in January-February.
Both drops were primarily driven by the new coronavirus (COVID-19) outbreak, which has caused severe disruptions in economic activities since mid-December, 2019.
The country’s manufacturing also saw the biggest fall on record in February, the NBS announced.
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