China Beige Book survey of more than 1,400 Chinese companies in February
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
- revenue, profits, orders and production are all in "free fall."
About 40% of company'sales have fallen by more than 10%
- each major economic sector is contracting
epidemic has hit China's major industries and will lead to a contraction in GDP in the first quarter, although official Chinese data may never admit it
CEO of China Beige Book comment:
- "The situation in (China) is much more serious than what the media have reported, Leland Miller, in an interview with MarketWatch.
Meanwhile, stocks in China today continue their surge, CSI300 now +3% on the day.
