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Andrew Cuomo speaks during the daily media briefing at the Office of the Governor of the State of New York on June 12, 2020 in New York City. [Photo/Agencies]
Analysts noted the impact of COVID-19 has been merely temporary. As the contagion is being contained, a recovery in demand for construction machinery and equipment is expected, said Xu Hao, an industrial analyst at Minsheng Securities.
And silk continues to dominate the local economy.
Andrew Tilton, chief Asia economist at Goldman Sachs, said it is encouraging that China managed to maintain a good growth rate last year and that policymakers have moved to rein in the country's rapid debt buildup.
An offline Tesla store in Hangzhou, Zhejiang province, on April 21, 2020. [Photo/Sipa]
