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China braces for first quarterly contraction since 1992

Major economic indicators plunge in January and February

The novel coronavirus is largely under control in China but is spreading outside the country, which will likely reduce demand for Chinese goods.   © Reuters

China's economy could soon see its first quarterly decline since 1992 due to the ongoing coronavirus pandemic.

Several financial institutions have lowered their forecasts of China's gross domestic product after the National Bureau of Statistics released data showing major economic indicators, including infrastructure investment, factory output and retail sales, plunged by double-digit percentages in the first two months of this year.

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