Factories and shops nationwide shut down starting in late January. Millions of families were told to stay home under unprecedented controls that have been copied by the United States, Europe, and India.
The ruling Communist Party says the outbreak, which had killed more than 3,340 people among more than 82,341 confirmed cases as of Thursday, is under control. But the damage to Chinese lives and the economy is lingering.
Truck salesman Zhang Hu is living the dilemma holding back the recovery. The 27-year-old from the central city of Zhengzhou has gone back to work, but with few people looking to buy 20-ton trucks, his income has fallen by half. Like many millions of others, he is pinching pennies.
“I put off plans to change cars and spend almost nothing on eating out or entertainment,” he said. “I have no idea when the situation will turn better.”
Factories reopened in March after President Xi Jinping visited Wuhan, the city at the center of the outbreak, in a sign of confidence the virus was under control. But the consumers whose spending propels China’s economic growth are still afraid of losing their jobs or catching the virus. They are holding onto their money despite official efforts to lure them back to shopping malls and auto showrooms.
Data due out Friday is expected to show the economy contracted by up to 9% in JanuaryMarch, its worst performance since the late 1970s.
That is a blow to automakers and other global companies that hope China, after leading the way into a global shutdown, might power a recovery from the most painful slump since the Great Depression of the 1930s.
“What is not fully back, or is completely missing, is the demand,” said Louis Kuijs of Oxford Economics.
Diese Geschichte stammt aus der April 18, 2020-Ausgabe von Techlife News.
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