China could emerge from the pandemic even stronger. Here's why [CNNMoney.com]
Toyota Motor Corporation (TM)
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Source: CNNMoney.com
China could emerge from the pandemic even stronger A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here . London (CNN Business) It's official: Even the world's second biggest economy, on a growth streak lasting four decades, was no match for the coronavirus pandemic . China's economy shrank 6.8% in the first quarter of 2020 compared to a year earlier, according to government statistics released Friday.China's economy just shrank for the first time in decades. It could still eke out growth this year The superlatives: The plunge is the worst for a single quarter that China has recorded since it started publishing those figures in 1992. It's also the first time China has reported an economic contraction since 1976, when Communist Party leader Mao Zedong's death ended a decade of social and economic tumult. Widespread pain: China's three major engines for growth — consumer spending
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