Both the cryptocurrency market and the global markets were heavily influenced by the Coronavirus. In addition, we know that the economies of the country have started to be affected by this epidemic.
A few hours ago, the National Bureau of Statistics published an official report on how the Coronavirus affected the Chinese economy. In this report, we can see how heavily infected even China is shown as one of the world’s largest economies. According to these data, with the spread of coronavirus, the production in the country decreased, unemployment increased and many issues were experienced.
How was China Affected?
Some experts thought that how the coronavirus affected the Chinese economy because China would never publish a negative report. However, the China National Statistics Bureau surprised everybody with a report published a few hours ago. Capital Economics, a consulting firm in London, shared the following note on the subject:
We thought that the Bureau of Statistics would not accept the bad trend in the economy because they would have accepted that they would not be able to reach their official GDP targets in such a situation. But otherwise, data was shared.
According to the data shared by China National Statistics Bureau, retail sales decreased by 20.5% in January-February 2020. In addition, fixed assets investments decreased by 24.5%.
Industrial production in the country decreased by 13.5% in the first month of the year, the rate of unemployment in cities increased by 6.2%, while service production decreased by 13%. According to the information shared by Capital Economics, it is possible to say that the growth rate of China’s gross domestic product decreased by 13% in the light of all these data.
Is the effect temporary?
These official data shared by China clearly show how the coronavirus affects the country’s economy. However, Chinese officials do not neglect to emphasize that this is a temporary process.
According to the statements of Mao Shengyong, one of the officials of China National Statistics Bureau, China has the power to control this trend in the economy:
Our economic development in the first two months of the year was affected by the Covid-19 outbreak. But if we look at it from a broad perspective, we can say that the effects of the coronavirus are short-term and controllable.