COVID-19 broke out in China just before the Chinese New Year holiday in January 2020 and has severely affected businesses, people and society.
In all cities in China, people took self-imposed home-quarantine for all of February. With the entire country on lockdown, retail sales dipped 20.5%, industrial output declining by 13.5%, and fixed asset investment by close to 25%.
However, as of mid-March, China seems to be on a path of recovery, and business appears to be bouncing back. Analysts expect pent up consumption to contribute to 15% GDP growth in Q2.
Are we finally seeing the green shoots of business springing up in China?
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