(SUPCHINA) All Chinese businesses, large and small, have struggled since COVID-19 emerged at the beginning of this year, forcing stores, restaurants, and factories to cut down on hours or completely shutter. While the full economic impact of the outbreak on China’s economy is still uncertain, popular business writer Wú Xiaobo ??? detailed in a recent report that about 247,000 Chinese companies declared bankruptcy in the first two months of 2020.
Wu Xiaobo’s financial blog revealed (in Chinese) that Guangdong was the most impacted province, with over 30,000 firms going out of business in January and February, followed by Shandong, Jiangsu, Sichuan, and Zhejiang.