460,000 Chinese Firms Went Under in First Quarter, Underscoring Impact of Virus on Economy

A Chinese woman waits for customers in a nearly empty restaurant at a shopping mall in Beijing, China on March 26, 2020. Kevin Frayer/Getty Images

Nearly half a million businesses in China closed down in the first quarter of 2020, according to data collected by online databases, revealing the extent of the epidemic’s impact on the country’s economy.

Meanwhile, business owners began protesting for government financial support as their businesses are on the brink of bankruptcy.