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Covid-19's impact on Chinese Business Sentiments

According to the National Bureau of Statistics, China's retail sales dipped 20.5%, fixed asset investment plunged 25% during January and February over the same period in 2019. Even as the situation improves in China, businesses still struggle to recover and may continue to face more challenges due rapid worsening of the situation outside Asia. To further understand the impact on business sentiments, we've conducted a survey across over 1,000 senior executives in China. However, it is important to note that this survey was conducted when the virus was not as widespread globally.


根据国家统计局的数据,中国的零售额在2019年同期下降了20.5%,固定资产投资在1月和2月下降了25%。尽管中国的情况有所改善,但由于亚洲以外地区局势的迅速恶化,企业仍难以恢复并且可能会继续而面临更多挑战。 为了进一步了解对商业情绪的影响,我们向1000多名中国高级管理人员进行了调查。但必须指出这项调查是在该病毒没有在全球范围内广泛传播时所进行的。



In general, about 30% of businesses expect to see more than 20% dip in revenue and over half of businesses have insufficient cash to sustain for more than 3 months. They are looking at loans and shareholders cash injections to tide them over. Services as well as trade & retail are among the hardest hit sectors, while Xinjiang, Ningxia and Hubei the hardest hit provinces.


总的来说,大约30%的企业预计收入将下降2成以上,超过一半企业现金不足以维持超过3个月的收入。他们倾向于商业贷款和从现有股东融资来解决现金流短缺问题。服务业,贸易和零售业是损失最严重的行业,而新疆,宁夏和湖北则是业务损失最严重的省份。

Sentiment is most affected in services, trade & retail and business services.


服务业,贸易及零售,商业服务行业最受疫情影响


With the virus outbreak, many countries have issued travel ban and advisory regulations which significantly draws down on the service industry. More consumers are working from home, staying indoors and avoiding gatherings, affecting retail spending significantly.


随着病毒的爆发,许多国家已经提出了旅行禁令和法规,这大大削减了服务业的收入。越来越多的消费者在家中工作,呆在室内并避免聚会,从而极大地影响了零售支出。



Xinjiang, Ningxia, Guangxi and Hubei companies' revenue are expected to be the worst hit.


新疆,宁夏,广西,湖北企业预计2020年营收将受到最大冲击。



Major Industries in the affected regions 受影响地区的主要产业


Xinjiang: Oil and petrochemicals, Electric power production, Agriculture, Tourism

新疆:石油石化,电力生产,农业,旅游


Ningxia: Coal, Metallurgy, Chemical, Finance

宁夏:煤炭,冶金,化工,金融


Guangxi: Automobile Manufacturing, Chemical & Oil refining, Wholesale Trade, Hospitality

广西:汽车制造业,化学炼油,批发及贸易,酒店业


Hubei:Manufacturing - Automobile/ Chemical/ F&B, Wholesale Trade

湖北:制造业- 汽车/化工/餐饮,批发及贸易

More than half the companies have insufficient cash flow to sustain the business for more than 3 months.


超过一半的公司没有足够现金维持超过3个月。

Businesses with larger portion of overseas income have sufficient cashflows to sustain operations for longer period of time


海外业务收入占比较大的企业有更多的现金流量维持业务运营



More than half of businesses with 40% or more of income coming from overseas, indicated that they have sufficient cash flow to last 6 months or longer. However, over 60% of businesses without overseas income indicated insufficient cash flow to last more than 3 months.


海外业务占营业收入4成以上的企业,其中有一半以上表示有足够​​现金流维持超过6个月。超过6成以上完全没有海外业务的企业显示现金流维持不过3个月。


Loans, shareholders injection and salary reduction are the top 3 ways companies look to overcome temporary cash flow issues


企业选择处理现金流问题的主要方法是商业贷款,现有股东融资和减薪


Real estate companies are more inclined than other sectors to delay payments (11%) to tide over cash flows. On the other hand, the IT industry is more likely than other sectors to reduce headcount (10%) and cut pay (13%). Lastly, manufacturing companies are inclined towards taking business loans (28%), shareholders' injections (23%) for cash flow.


房地产公司相对其他行业跟倾向于通过延迟付款(11%) 来处理现金流问题。IT 行业更有可能消减员工(10%) 和薪资 (13%)。而制造业更倾向于贷款(28%)和股东融资 (23%) 来舒缓现金流问题。



You can also download the full report here.

您也可在此下载完整报告。



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