China's powerhouse economy was the first to feel the squeeze as the coronavirus pandemic took hold earlier this year, and the damage is likely to last for years to come. As top Chinese lawmakers gathered at the National People's Congress this week, China dropped its annual growth target from its economic forecasts for the first time since the country began publishing GDP goals in 1990.To get more news about economy news today, you can visit shine news official website.
Here are seven numbers that sum up the Chinese economy amid the global coronavirus pandemic. That's how much China's economy shrank during the first quarter of 2020 compared to the first quarter of 2019.
That's how much China said it would inject into its economy on Friday in order to counteract the damage caused by the coronavirus. It's equivalent to about $500 billion USD. As part of those stimulus measures, the government wants to create 9 million urban jobs and will issue 1 trillion yuan, or $140 billion, in special government bonds.That's what experts believe is the current unemployment rate in China, though the latest official data from China pegged the April rate at 6%.
That's how many coronavirus cases have been confirmed in China as of May 22, according to data from Johns Hopkins. Earlier this month, China reported its first new Covid-19 case in more than a month, amid a spate of new cases across countries that had made progress in getting the disease under control, including South Korea and Germany.
That's how much Chinese tech giant Alibaba saw its profits fall in the fourth quarter compared to the same period last year, mainly because of investments that tanked as the coronavirus crisis devastated global stock markets.
That's how much China will spend on U.S. imports as part of the Phase One trade agreement signed by President Trump and Chinese Vice Premier Liu He in January. On Friday, China recommitted to upholding the trade deal as it currently stands, despite skepticism from some experts that the $200 billion target isn't realistic because of the coronavirus. "We will work with the United States to implement the phase one China-U.S. economic and trade agreement," Premier Li Keqiang told Chinese lawmakers in Beijing on Friday.
That's how many U.S. products will be subject to the most recent round of tariff exemptions from Beijing, which went into effect on May 19 and will last for a year. These are in addition to the 696 exemptions China announced in February for major imports like soybeans and pork.