China’s First-Quarter GDP Plunges on Coronavirus

BEIJING—China’s financial system plummeted six.8% in the very first 3 months of the yr compared with a yr previously, the country’s very first this kind of drop since Beijing started reporting quarterly gross domestic product or service in 1992.

The sharp contraction in the world’s second-biggest financial system, claimed Friday, gives a foreshadowing of the pain expected in the U.S. and about the world as the coronavirus pandemic shuts borders, halts business enterprise exercise and cripples international offer chains.

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