Know which industry has suffered the most loss of 500 billion yuan due to corona in China

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While people are dying due to coronavirus in China, the virus has also affected China’s economy. China’s catering sector has been affected the most. Many restaurants have closed. According to a Globe-Times report, the total loss in revenue from restaurant closures in China has reached 500 billion yuan ($ 71.74 billion).

Tourism industry stalled, companies shut down

The tourism industry is at a standstill, with many large companies shutting down production. Where the Chinese used to be quite astonishing here in the new year and thousands of people used to reach China especially to join it, nothing could happen this time. The Chinese New Year event was also postponed due to Corona.

Large expenditure on preventing the virus

According to media reports, a major reason for the damage to China’s economy is the cost to prevent the virus from spreading. There is a complete ban on moving out of Wuhan city. Wuhan has a population of over one crore. It has also been locked in other parts of Hubei Province. Business trips, goods, and the movement of people are banned here. In such a situation, its impact is visible in restaurants, cinema halls, transport, hotels, and shops.

A loss to the business industry

The business industry has also suffered due to the outbreak of the Coronavirus just before the new year begins in China. Due to Corona, New Year holidays were also extended in China due to which there is a delay in the commencement of work in many businesses. Failure to start work in factories has led to a decrease in production and sales and companies are not getting cash. It has also affected most of the small businesses, while there are some expenses of the companies that they have to pay as before like they are paying the bills and paying the employees.

Loss outside China

It is not that China is harmed only inside China. Those in the industry are also losing out. There is the demand for China’s goods not only in their country but also outside, these days both of them have stopped. In such a situation, the loss is increasing. People abroad are avoiding buying similar made in China.

Many big companies such as the furniture company IKEA, Starbucks have closed their operations in China. Airlines, hotels and other works are also completely closed. Many airlines have also canceled their flights and are returning the advance money of international hotel customers.

Motor Industry and Electronics Markets

In January itself, Hyundai, a South Korean company, has stopped production of its car for some time as parts of the car are not being supplied from China. China is a global supplier in the motor industry and electronics industry. At the moment, they have suffered losses. Apart from this, parts of many mobile and computer companies are made in China, after Corona they are also closed.

No hope of getting relief soon

Many economists who monitor China’s economy are now saying that the coronavirus has been showing havoc in China for about a month. There is no immediate situation to overcome this. In such a situation, China’s economy is going to be affected. Right now work is being done to check this. After that, when this will be overcome, the situation will be normal after several months. People who were traveling to China very often during normal days, now they will definitely think once before going there.

Demand for Chinese goods remains worldwide

It will take a long time for the situation to return to normal. By then, the Chinese economy is bound to have a profound impact. There is always a demand for all kinds of goods made in China all over the world, that too is closed these days. There has been such an atmosphere that neither people want to go to China nor are they seeking any goods from there. Many people have canceled their orders which they had already made.