China’s economy shrank at the start of the year for the first time in more than 40 years, after the coronavirus pandemic ended an era of uninterrupted growth dating back to the late 1970s.
Gross domestic product in the first quarter plunged 6.8 per cent year-on-year, the National Bureau of Statistics said on Friday.
The historic contraction in China, the engine of global growth for the past two decades, is the starkest economic signal to emerge from a pandemic that originated in Wuhan and has wreaked havoc around the world.
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