In the News: Grim Economic Prognosis; Mastercard Approval; and Digital Currency Patents

February 17, 2020 | BY

Vincent Chow

Coronavirus drags down Chinese economic growth forecast; Mastercard approved to set up card clearing business in China; and PBOC files patents ahead of digital currency rollout

E-commerce

Chinese economy hit hard by coronavirus epidemic

The number of confirmed coronavirus infections in China surged massively last week as Hubei province switched to a new set of diagnosis criteria, inflating the total figure to more than 68,500 cases and 1,665 death as of Feb. 17.  As the epidemic continues to spread throughout China and beyond, the economic impact of the virus is becoming increasingly clear. On Feb. 11, British bank Standard Chartered revised down its 2020 growth forecast for China's economy from 6.1% to 5.8% due to the epidemic. However, a Reuters poll of 40 economists said the downturn will be short-lived if the outbreak is contained soon, although they agreed that the Chinese economy will plunge to its slowest rate of growth since the financial crisis, 4.5%, in the first quarter of 2020.

This premium content is reserved for
China Law & Practice Subscribers.

  • A database of over 3,000 essential documents including key PRC legislation translated into English
  • A choice of newsletters to alert you to changes affecting your business including sector specific updates
  • Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
For enterprise-wide or corporate enquiries, please contact our experienced Sales Professionals at +44 (0)203 868 7546 or [email protected]