Coronavirus: Chinese companies cut salaries and staff in industries hit hardest by Covid-19

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The Chinese economy has been hit hard by the Covid-19 pandemic, with most companies and factories suspending operations and asking workers to stay home since late January 2020 in a bid to contain the coronavirus that causes the disease. As China gradually gets the spread of the disease under control, business has slowly been returning to normal. But it may already be too late for many Chinese small and medium-sized enterprises, who have faced intense financial pressure during more than a month of shutdowns. With strict coronavirus restrictions not expected to be lifted any time soon, sectors such as catering, retail, tourism and entertainment will be among those most severely affected. Some businesses in those sectors have already started to cut salaries and workers to survive.

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