The Chinese economy will sputter towards normal on Monday after the coronavirus ...
SHENZHEN, China/BEIJING - The Chinese economy will sputter towards normal on Monday after the coronavirus outbreak forced an extended holiday, although numerous stores and factories will remain shut and many white collar employees will continue working from home.The usually week-long Lunar New Year holiday was extended by 10 days in much of China amid mounting alarm over an epidemic that as of Saturday morning had killed 722 people.
Many employers in the southern technology hub of Shenzhen are taking precautions to prevent workers from returning in large crowds, asking those who have traveled from elsewhere to self-quarantine for up to 14 days. “People are asking, ‘what if my factory hasn’t put enough safety measures in place? Will there be a notice suspending work again? How do I get in to work if roads are sealed off?’” said Ice Huang, a spokeswoman for the Inno Community Development Organization.
Apple supplier Foxconn plans only to “gradually” restart its factories with a view to resuming full production in late February, a person with direct knowledge of the matter told Reuters.The toll on China’s already-slowing economy has been heavy, with Goldman Sachs cutting its first quarter GDP target to 4% from 5.6% previously and saying an even deeper hit is possible.
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