A record hit to China's economy
Official figures show China's industrial output plunged by 13.5% in the first two months of the year — the fastest decline on record — driven by prolonged factory shutdowns over the coronavirus outbreak. The unemployment rate also jumped to a record high of 6.2%, while urban investment, home sales and retail sales also fell sharply. The data was worse than many economists had expected, and raised fears of an economic contraction in China and around the world as efforts grow to control the outbreak. Chinese officials are now attempting to balance efforts to restart the economy with preventing the coronavirus outbreak from accelerating again.