China’s gross domestic product shrank 6.8 percent from a year ago. 🔐
SHANGHAI — China’s gross domestic product shrank 6.8 percent from a year ago in the first quarter, official data showed on Friday, the first recorded quarterly decline in the nation’s history as the coronavirus shut borders, paralyzed global supply chains, and halted all but the most essential business activity.
Industrial production shrank 8.4 percent year-over-year in the quarter but showed promising signs of resumption in March as the shrinkage narrowed to 1.1 percent during that month. “As long as there are strict social distancing measures, the recovery of activity will be very slow, and this will be reflected in consumption,” added Pang.The pandemic has infected more than 2 million globally and claimed more than 130,000 lives. China, where the virus first emerged, officially reported more than 3,000 deaths although new infections have slowed considerably.
JD.com also shared that “luxury products have sold well on JD during the epidemic, despite not being considered daily necessities.” The platform attributed it to the halt of international travel, citing a 2019 Bain & Co. report which said 70 percent of luxury purchases from Chinese consumers.
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