BEIJING — China's economy suffered through an "eye-popping" first quarter as a coronavirus epidemic hammered business activity, with deterioration even as firms were supposed to be going back to work, a private survey showed on Tuesday. After surveying thousands of Chinese firms, China Beige Book International (CBB) suggested that "a 10-11% GDP contraction in the first quarter is not unreasonable." Indicators in the survey "continued to deteriorate even into mid-March when most firms were re-opening and supposedly 'back to work,'" a statement from the U.S.-based consultancy said. Private-sector analysts are slashing their growth forecasts for China to lows not seen since the Cultural Revolution ended in 1976 as the coronavirus epidemic led to widespread travel curbs and halted production in the world's second-largest economy. The respiratory disease has killed more than 3,200 people and infected over 81,000 on the Chinese mainland.

Source: International New York Times March 23, 2020 21:56 UTC