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Coronavirus shakes China’s economy

UNITED STATES (OBSERVATORY NEWS) — The epidemic that has engulfed China and many other countries around the world has spread fear and panic among citizens but has also had a negative impact on the Chinese economy.

The opening of the Chinese market today (January 3) saw a decline of 8 percent, the biggest decline in 4 years.

Among the hardest-hit businesses were manufacturing and general consumer products, while health care stocks rose.

This downturn was unavoidable despite the fact that a few days ago the Central Bank of China declared that it had taken measures to mitigate the impact of the epidemic.

The drop in China’s stock prices comes as global markets have been rocked by the epidemic in recent days.

Last week, the Wall Street S&P 500 index marked its worst week since October.

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