Vast swathes of China's economy have suffered amid the virus outbreak, as anti-disease measures have forced travel restrictions, business closures and manufacturing slowdowns.
In this photo taken Tuesday, Feb. 11, 2020, a woman walks past Lunar New Year decor and shuttered bars at a retail district in Beijing, China. Millions of Chinese workers and entrepreneurs are bearing the rising costs of an anti-virus campaign that has shut down large sections of the economy. The government has imposed restrictions nationwide that have stalled travel and sales of real estate and autos.
Industries from auto sales to travel to retailing effectively shut down after curbs were imposed starting Jan. 23 with the suspension of most access to Wuhan, an industrial metropolis of 11 million people at the center of the outbreak. Economists warn optimism that the disease might be under control is premature. Even if auto manufacturing and other business resumes as planned, activity won’t be back to normal until at least mid-March.Forecasters including Capital Economics say growth, already at multi-decade lows, might fall to 2% in the three months ending in March, down from the previous quarter’s official figure of 6%.
On Friday, the Ministry of Finance announced that companies with monthly sales below 100,000 yuan will be exempt from value-added and other taxes. It said companies that cannot repay loans might be allowed to invoke “force majeure,” a last-resort legal measure that can waive obligations in disasters.
Property sales have fallen to almost zero over the past three weeks. The industry employs millions of people and drives demand for appliances, furniture and other consumer goods. The anti-disease measures closed factories that supply the world with smartphones, furniture, shoes, toys and household appliances. That sent shockwaves through other developing countries that supply industrial components and iron ore, copper and other commodities.E-commerce companies are hiring extra workers to cope with a flood of demand as families stay home and buy groceries online. But streets in Beijing and other major cities are still empty and eerily quiet.
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