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China Beige Book, a survey of more than 1,400 Chinese companies conducted in February, showed on Monday, the coronavirus epidemic has hit China’s major industries and will lead to a contraction in GDP in the first quarter.

Key findings

31% of CEOs saying that their company is still suspended for companies that have resumed work, 32% have employees working from home and 7% of employees waiting to return to work at work.

Only one-third of Chinese companies have resumed work.

First time in seven years that all data are negative and revenue, profits, orders and production are all in “free fall.”

About 40% of companies’ sales have fallen by more than 10% each major economic sector is contracting.

Leland Miller, CEO of China Beige Book noted: “The situation in (China) is much more serious than what the media have reported.”