But the slowdown is far from over, according to Gao Shanwen, chief economist for Shenzhen-based research firm Essence Securities.While Gao expects China's economy to keep growing, he predicts that annual GDP growth for the next decade won't exceed 5% on average. The car manufacturing heartland of Hubei, where the global pandemic started, only relaxed its lockdown measures this week. Australian factory owner Mike Chai is riding the rollercoaster of China's coronavirus outbreak. It's the global drop-off in demand for Chinese exports more than domestic issues that is dashing hopes for a Chinese-led global economic recovery. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. "Mass unemployment — brought on by a severe economic slowdown and the failure of businesses in ChinaJob hunters crowd at a job fair for university graduates at Northeastern University on March 21, 2019 in Shenyang, Liaoning Province of China.Major political and business figures in China have expressed concern about the economy, too. But the tactics might not work in AustraliaChinese citizens are slowly returning to normal life. All times are ET. It's got an enormous task ahead of it. … It estimated GDP could contract more than 10 per cent in the first quarter. "Once this backlog's cleared, we'll be cutting capacity and will have to start laying people off," he said. Find out what's happening in the world as it unfolds.Beijing has made clear that the world's second largest economy cannot spiral into a slump and risk mass layoffsIn recent weeks, the government has bombarded the economy with a wave of stimulus measures, from Authorities are also amping up the language they'reThe chief administrative office even warned that the country could faceWhile China's official unemployment data has barely budged over the last several years, hovering between 4% and 5%, Beijing's messaging suggests that it is unusually worried about the slowing economy and the challenges that the year could bring. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Social unrest might be the "black swan" risk facing the country, Zweig added, using a phrase that Chinese President Xi Jinping himself uttered last year to describe an improbable but chaotic event. Longer term, China's most high-profile investment bank, CICC, slashed its 2020 GDP growth forecast to just 2.7 per cent. “Continued momentum in June production bodes well for growth in 2H. The job-shedding fear bubbling under the work-from-home revolutionOpinion: Coronavirus has separated us from our family pet and we don't know when she will come homeCoronavirus update: Antonio Banderas reveals he has COVID-19 on his 60th birthdayScientists say there's liquid water on a dwarf planet beyond MarsPandemic 'double whammy' for paper mill but optimism for future Unions want working holidaymaker visa axed, urge farmers to hire unemployed AustraliansQueensland's coronavirus border breaches raise questions about honesty-reliant systemFirm that breached customer law hired by Government to take calls from distressed QueenslandersHow NSW has avoided a huge spike in coronavirus casesWho will host the 2020 AFL grand final? JD.com says yesRemembering the life of Stanley Ho, Macao's 'godfather of gambling'Here's how China is trying to control the Covid-19 narrativeThe moral dilemma of doing business in China, explainedChina censors a lot, from Winnie the Pooh to the NBAWhy American fast food chains will do anything to win in China Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. There were multiple signs that China’s economy was in horrible shape. The rules will allow them to open branches and to fully own banks in China.And around the same time, the government started allowing foreign companies to fully own subsidiaries in the life insurance sector that operate in mainland China. 2020 will offer a similar mix of evolving, often worsening, challenges. China has set the ambitious goal of doubling its economy from 2010 to 2020. There's more to it than meets the eyeCoronavirus patients discovering unexpected side effectsSydney surfer swept up in huge swell dies after slamming into storm water drain'I can't keep on going': Second COVID-19 shutdown sees businesses closing for goodChina hits 11 US leaders with sanctions for 'performing badly' on Hong KongTeenagers detained at Queensland shopping centre for alleged coronavirus breachesHow Texas went from a coronavirus slow burn to an explosive disasterHow NSW has avoided a huge spike in coronavirus casesLebanon's Government quits as protests continue over deadly Beirut explosionA killer explains what it was like to have Lawyer X defend him'This is sort of terrifying': How Joel Edgerton finds meaning from fame Out of sight, off the books?