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Coronavirus: China’s hi-tech hub Shenzhen suffered record economic contraction in first quarter of 2020

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[unable to retrieve full-text content]Shenzhen’s economy shrank by 6.6 per cent in the first quarter of 2020, marking the worst performance in the city’s 40-year history, as China’s Silicon Valley was unable to avoid the impact of the coronavirus.The local government data showed Shenzhen did little better than the rest of the economy, with the national average dropping 6.8 per cent in the first quarter.Shenzhen, which officially has a larger economy than Hong Kong, is facing a testing year as production and services contracted…

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[unable to retrieve full-text content]
Shenzhen’s economy shrank by 6.6 per cent in the first quarter of 2020, marking the worst performance in the city’s 40-year history, as China’s Silicon Valley was unable to avoid the impact of the coronavirus.The local government data showed Shenzhen did little better than the rest of the economy, with the national average dropping 6.8 per cent in the first quarter.Shenzhen, which officially has a larger economy than Hong Kong, is facing a testing year as production and services contracted…

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