Coronavirus fears are already hurting China’s economy.
The government’s widespread quarantines suggest the problem could be much worse than we think.
Chinese social media posts give clues about the true extent of the crisis.
The world may be on the verge of the next global pandemic. So far, the Wuhan coronavirus has infected over 2, (people – killing 90 . It’s spreading all over the world with cases in East Asia, Australia, and the United States.
The economic impacts are already being felt in China, the epicenter of the outbreak. Chinese President Xi Jinping has issued an urgent address calling for a wide-reaching response to the “grave” situation. He has set up a central committee to manage the outbreak response efforts.
His committee’s extreme quarantines suggest the outbreak could be much worse than previously expected.
Chinese Stocks Continue to Slide
The China large-cap ETF (NYSE: FXI) continues its week-long slide as fears over the virus intensify. According to preliminary data, coronavirus is already having a significant impact on the Chinese economy.