China limps into new lunar year, with small businesses hit by coronavirus lockdown
Canalys, a market research firm, this week estimated China's smartphone shipments would be slashed by half in the first quarter.
Professor Pettis said despite signs everywhere that the economy has halted, China's government will press on with a new annual GDP growth target likely to be around 6 per cent. "What we may see is GDP growth for the first quarter down substantially, but then in subsequent quarters they'll likely significantly increase spending," he said.
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