Saturday, 23 May 2020 10:55

China takes massive economic hit as Russia virus toll mounts

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China warned Friday that its huge economy will suffer an immense hit from the coronavirus, as the ongoing pandemic and national lockdowns, cause massive global job losses and Russia faces a steep increase in deaths. As quoted by AFP.com, as Beijing's communist rulers failed, to set an annual growth target for the first time in decades, Asian markets fell, further battered by Chinese moves to crack down on Hong Kong's treasured autonomy.

China's e-commerce giant Alibaba added to the gloom by reporting an 88 percent drop in first quarter net profit, despite higher than forecast revenue. New coronavirus infections have begun to dip in much of the world, but the economic damage from the pandemic is only just beginning, and the disease is continuing its deadly march in Latin America and Russia//AFP

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