The Chinese economy—the world’s second-largest—shrank by 6.8 per cent in the first three months of this year compared with a year ago. The contraction, announced last week by the National Bureau of Statistics (NBS), is the first economic shrinkage acknowledged in official statistics since 1976, when the country was in the final days of the Cultural Revolution.
Over March, the economy remained under huge pressure, with the industrial sectors, retail and fixed asset investment all shrinking again, following a dramatic collapse over the first two months of the year, NBS data showed.The Chinese economy—the world's second-largest—shrank by 6.8 per cent in the first three months of this year compared with a year ago. The contraction, announced last week by the National Bureau of Statistics, is the first economic shrinkage acknowledged in official statistics since 1976, when the country was in the final days of the Cultural Revolution.#
Industrial production, a measure of manufacturing, mining and utilities, fell by 1.1 per cent in March, after a 13.5 per cent decline over January and February, when the data was combined. Retail sales fell by 15.8 per cent in the same month following a record 20.5 per cent collapse in the first two months, according to media reports in the country.
Fixed asset investment, a gauge of expenditure over the year to date on items including infrastructure, property, machinery and equipment, fell by 16.1 per cent over the first three months, from an all-time low of minus 20.5 per cent in January-February.
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