In an indication of how deep the economic shock of the new coronavirus is, many of China's hardest-hit businesses are still struggling because their workers haven't returned, while many employees are getting wage cuts.
by at least a week in more than half of the country in an effort to limit the virus' spread. Over a month later, the number of new cases has dropped drastically.
Travel restrictions and mandatory quarantines have made it difficult for many people to get back to work. Businesses still face problems such as the inability of people returning to work, as well as stalled logistics operations, Xin Guobin, the ministry's deputy head told reporters, according to a CNBC translation of his Chinese remarks.
It's unclear what the exact return to work rate is, but the food and beverage industry is one part of the services sector that hires many people from less developed parts of China. Steven Lynch, managing director of the British Chamber of Commerce, said many member companies are cutting wages by roughly 25% to 50%. While some companies have benefited from government support, he noted that small and medium-sized enterprises are generally still struggling.
The scale of the coronavirus' impact on global demand also adds uncertainties for China, which this week claimed it has just passed the peak of the virus. So far, economists and analysts are predicting a rapid recovery in the economy domestically, once the virus fully dissipates and consumers unleash pent-up demand for shopping and eating out."The longer it takes for the full recovery, the less number of players are going to remain in this market.
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