Chinese markets drop by more than 7% amid coronavirus fears. How and why the world's largest work-from-home experiment is underway in China.
The coronavirus outbreak's drastic effects on the Chinese economy were on display today. Stocks in mainland China plummeted more than 7%, with the Shanghai composite falling 7.72% and the Shenzen composite declining 8.414%. During early trade, the indices nose-dived by around 9%.
Monday's numbers are relevant because they mark the first full day of trading following the Lunar New Year holiday, which this year was extended as Beijing sought to keep citizens and businesses at home to expand quarantine measures and fight the virus. CNBC
The Chinese government's response to the coronavirus outbreak has been immense in scale. Entire cities have been put on lock-down, borders have been closed, industries shut, transportation halted, and the movement of people restricted.
But life goes on. Even as China's bustling cities turn into ghost towns, working from home, which is often viewed as a privilege, is becoming a necessity. Companies are trying to coordinate between employees via video conferences and internet messaging to keep business afloat. This is a new experience for many establishments, but the alternative being no business done whatsoever, work-from-home is being widely adopted across China, mainly in Hong Kong and Shanghai. Here's an account of the world's largest work-from-home experiment.
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