Key Findings • Halt in economic activity: In addition to COVID-19’s extensive human toll, the outbreak and response to it in China brought economic activity to a standstill. As a result, China’s National Bureau of Statistics reported a 6.8 percent contraction in first quarter GDP growth in 2020. 1 For the year, China’s 2020 GDP is expected to grow at its slowest rate since 1976, 2 with forecasts ranging from 3 percent (Goldman Sachs, March 17)3 to 1.2 percent (International Monetary Fund, April 14)4 to 1 percent (Nomura, March 31)5 . * o Demand arrested: Retail sales in January and February fell by 20.5 percent over the same period in 2019 according to China’s National Bureau of Statistics. This drop affected U.S. corporate revenues in China: half of 119 companies surveyed by American Chamber of Commerce (AmCham) in China in late March reported revenue declines of 10 percent or greater in their operations in China.