China's economy shrinks for the first time since 1992.

The country will announce stimulus plans shortly.


Alfred Lee

19 Apr, 2020

China's economy shrinks for the first time since 1992. | BEAMSTART News

- From our Sponsors -

China’s economy has shrunk for the first time ever in this year's first quarter. 

The drop was due to the global health situation forcing factories and many businesses to shut down for several months.

Based on official data released on Friday, China's economy has shrunk by 6.8% in Q1 2020, as compared to the previous year where the economy grew by 6.9% in Q1 2019. 

Wearing masks in China is the norm today.

This is the first time China’s economy has shrunk since it started recording quarterly figures back in 1992. 

"The GDP contraction in January – March Month will translate into permanent income losses that are reflected in bankruptcies across small companies as well as significant job losses.", according to a statement by Economist Intelligent Unit, Ms Yue Su.

Economists had already expected bleak figures to begin with. but official data has reported numbers worse than expected. 

In order to stabilise the economy towards recovery, Beijing has announced that a significant economic stimulus is underway, with a focus on expanding domestic demand.

- From our Sponsors -

Latest Jobs

Software Engineer (TypeScript / Node.js)

Paragon

Los Angeles, CA, United States

Full Time

USD 160000 yearly

Product Manager, Identity

Middesk

San Francisco, United States

Full Time

Salary Undisclosed

Founding Engineer

Windmill

Paris, France, United States

Full Time

USD 70000 — USD 110000 yearly

Frontend Engineer

Cofactr

New York, United States

Full Time

USD 140000 — USD 165000 yearly

👨‍💼 Sales Leader

Acho

Boston, United States

Full Time

Salary Undisclosed

Head of Sales-City

Explorex

Bengaluru, India, United States

Full Time

USD 13000 — USD 19000 yearly

Human Resources Business Partner/ HR Manager - Entry/Experienced/Managerial

Homebase

Ho Chi Minh City, Vietnam, United States

Full Time

Salary Undisclosed

Group Product Manager, Platform

R2

Mexico City, Mexico, United States

Full Time

Salary Undisclosed

NLP Research Engineer

Genei

London, United Kingdom, United States

Full Time

USD 100 — USD 120 yearly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2022 BEAMSTART. All Rights Reserved (Legal).