Shanghai, China. Credit: pixabay

Coronavirus Crisis: Retail sales decline by 20.5 percent in China

China is fighting hard with the economic consequences of the coronavirus pandemic, as the country’s industrial production shrinks for the first time in three decades.

According to the figures published by the National Bureau of Statistics at the beginning of last week, production decreased by 13.5 percent in January and February in comparison the same period of the previous year. China’s retail sector also reports drastic losses. Retail sales declined by 20.5 percent over the same period.

Chinese authorities assume that the corona crisis is now over in the People’s Republic. However, the current situation is far from normal. The coronavirus epidemic started in December of last year. At times, the country reported over 80,000 corona infections. Meanwhile, the number of new infections has decreased significantly. 

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