Chinese economy takes a significant hit from Coronavirus
Epoch Times:
Nearly half a million businesses in China closed down in the first quarter of 2020, according to data collected by online databases, revealing the extent of the epidemic’s impact on the country’s economy.This may, unfortunately, be the script in several countries around the world including the US despite the stimulus attempts in Washington.
Meanwhile, business owners began protesting for government financial support as their businesses are on the brink of bankruptcy.
Since authorities realized the severity of the outbreak and began implementing lockdown measures in January, business activities have halted in much of China. At present, Wuhan, the city where the outbreak first began, is still under quarantine. Some areas, such as Jia county in Henan province, had isolation policies lifted briefly, before another outbreak led authorities to lock down the area again.
“We want [the landlords] to reduce the rent by half, and [the government] to cut the management and utilities fees by half,” said Cheng Dong, a garment factory owner in Zhuzhou city, Hunan province.
“I have no orders coming in. The wholesalers told me that people are not buying clothes right now [due to lockdown measures],” Cheng told the Chinese-language Epoch Times in a phone interview on April 3.
Meanwhile, workers are afraid to go to work, worried they may contract the CCP (Chinese Communist Party) virus, commonly known as novel coronavirus. At Cheng’s factory, only 12 of the 35 typical workers showed up.
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