China’s Economy May Plunge 10% on CCP Virus Impact in Q1, Says China Beige Book

Wave of deglobalization, reduced dependence on China could pick up

Barriers set up to block off a street in Wuhan, China, on March 15, 2020. The normally bustling city in central China is the epicentre of COVID-19 and a symbol of the Chinese economy’s shutdown in the first quarter of 2020. STR/AFP via Getty Images

As the world grapples with the societal impacts of the CCP (Chinese Communist Party) virus, commonly known as the novel coronavirus, the economic toll in its country of origin has led to the worst results in China Beige Book (CBB) history.

Data for the first quarter of 2020 gathered by CBB, a research service that uses data from over 3,300 firms to track the performance of China’s economy across key sectors, industries, and regions, is in uncharted territory.