Source:
https://edition.cnn.com/2020/01/31/economy/china-economy-coronavirus/index.htmlChina may have to cut taxes, boost spending and slash interest rates to prevent the coronavirus outbreak wreaking havoc on an already fragile economy.
The economic impact of the virus is still impossible to determine, but one state media outlet and some economists have said that China's growth rate could drop two percentage points this quarter because of the outbreak, which has brought large parts of the country to a standstill. A decline on that scale could mean $62 billion in lost growth.
China can ill afford that kind of hit. Growth last year was already the country's weakest in nearly three decades, as China contended with rising debt and the fallout from its trade war with the United States.
