As the numbers of infected and dead soar exponentially, China has been forced to lock down cities and shutdown factories for the next several weeks. The outbreak of the coronavirus will likely damage first-quarter economic figures for the country, reported the Financial Times.
As of Monday, China’s coronavirus outbreak has so far infected about 3,000 people, where the death toll has climbed to 80 – giving the virus a roughly 5% mortality rate.
China has ordered several manufacturing hubs and other centers of the industry to remain closed for the next one to two weeks.
One of those manufacturing hubs is Suzhou, a city west of Shanghai has told millions of workers not to return for at least one week. The industrial region is home to the world’s largest factories, including iPhone contractor Foxconn, Johnson & Johnson, and Samsung Electronics.
The virus outbreak is occurring as an industrial slowdown has sparked one of the slowest growth rates in nearly three decades. This will be a significant challenge for President Xi Jinping amid fears of a hard landing. – READ MORE