The Chinese economy will return to normal in the second quarter of this year, following the major economic disruption caused by the new corona virus. That is what state planners of the Chinese government foresee. According to them, economic activity in China will pick up again cautiously in the near future as a result of Beijing’s measures to contain the virus and stimulate the economy.
Officials from the National Commission for Development and Reform (NDRC) spoke to journalists at a news conference on Tuesday. There they also stated that in their opinion the Chinese government has sufficient policy instruments to get the country back on top.
Chinese industry and retail have been hit hard in the first two months of this year by the outbreak of the new corona virus and the disruption of public life in the country, new figures showed Monday. Industrial production even experienced the greatest contraction in almost thirty years.
Because of the virus, many factories in China were shut down because staff had to stay at home. To combat the outbreak of the virus, shopping centers and catering establishments were closed, as were entertainment options. Many Chinese also stayed at home for fear of the contagious disease.