[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109028-en":3,"doc-seo-109028-105":30,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},109028,13056703020460,"Valentina","https://ap-avatar.wpscdn.com/avatar/be000253dac470eee5d?_k=1778207105932848923",8,"Research & Report","China Economic Update - COVID-19 and China’s Reform Agenda","China Economic Update examines the economic and social consequences of the COVID-19 shock and tracks how activity began to rebound while recovery remained uneven. It details GDP contraction, volatility in external trade, easing inflation, and labor-market disruptions affecting household incomes. The report also analyzes corporate profit impacts, rising credit risks, and widening fiscal deficits alongside accelerating debt accumulation. It concludes with an outlook, identified risks, policy considerations, and an assessment of distributional and labor-market impacts and mitigation measures.","Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized  \n© 2020 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW  \nWashington DC 20433 Telephone: 202-473-1000  \n[Internet: www.worldbank.org](Internet: www.worldbank.org)  \nThis work is a product of the staff of The World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent.  \nThe World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries.  \nRights and Permissions  \nThe material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given.  \nAny queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522- 2625; [e-mail: pubrights@worldbank.org](e-mail: pubrights@worldbank.org).  \nCover painting titled “Change” by Chinese Artist Li Zhengde, created during COVID-19 lockdown in Hunan Province in February 2020. Used with the permission of Li Zhengde. Further permission required for reuse.  \nAcknowledgements  \nThe July 2020 issue of China Economic Update was prepared by a team comprising Luan Zhao (Task Team Leader), Sebastian Eckardt, Ekaterine Vashakmadze, Maria Ana Lugo, Dinesh Nair, Dewen Wang, Ruslan G. Yemtsov, Ibrahim Saeed Chowdhury, Yang Huang, Chiyu Niu, Abayomi A. Alawode, ErgysIslamaj, Franz Ulrich Ruch, Woori Lee, Wei Han, Ileana Cristina Constantinescu, Yusha Li and Yan Li. Substantial contributions were received from Linghui Zhu, Josefina Posadas, Shiyong Wang, Michael J. Ferrantino and Michele Ruta. The team is grateful to Barbara Yuill for editing the report. Guidance and thoughtful comments from Aaditya Mattoo, Aparnaa Somanathan, Carlos Arteta, Deepak Mishra, Hassan Zaman, Irina Astrakhan, Martin Raiser, Philip O’Keefe and Rinku Murgai are gratefully acknowledged. The team would like to thank Tianshu Chen, Li Li, Xiaoting Li, Lin Yang, Ying Yu, Mingjie Li and Ruxin Zhao for support in the production and dissemination of this report. The findings, interpretations, and conclusions expressed in this report do not necessarily reflect the views of the Executive Directors of the World Bank or the Chinese government. Questions and feedback can be addressed to Li Li ([lli2@worldbank.org](lli2@worldbank.org)).  \nTable of Contents  \nExecutive Summary ................................................................................................................. 8  \nI. COVID-19 Shock ..........................................................................................................12  \nII. Economic and Social Impacts.........................................................................................15  \nCovid-19 led to a deep contraction of GDP in the first quarter ......................................................... 15  \nActivity has started to rebound, but the recovery remains uneven ..................................................... 17  \nExternal trade activity has been volatile........................................................................................20  \nInflation has eased ....................................................................................................................26  \nLabor market disruptions and income losses have taken an economic toll on households .....................27  \nCorporate revenue and profits have taken a ","cbCaistMgjL8fQjZ","https://ap.wps.com/l/cbCaistMgjL8fQjZ","pdf",1824656,5,1,69,"English","en",105,"# Executive Summary\n# COVID-19 Shock\n## Economic and Social Impacts\n## Outlook, Risks and 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