LyrArc Article Gist
China's GDP declines by 6.8% in the first quarter 2020 year over year, and 9.8% from the previous quarter, the first such decline since 1992, even going as far back as 1976 with the passing of the Mao era.

It is not power production or coal consumption which have returned to prior levels. It is the demand from the U.S. and Europe, other countries which are in lockdowns. Estimates are that 80 million people in a population of 900 million working age people lost their jobs, with another 10 million expected to be lost, about 10% of the total. Global trade companies are hardest hit. 

Consumers inside China are reducing spending. Some are using only the small government issued vouchers designed to get people to go out and spend. 

The Trump administration plans to bring back some of the production lost to China in essential areas such as public health and security back to the U.S. The supply chains are already shifting to other countries from U.S. tariffs. As a result some estimates show zero growth in 2020 for China. Financial instability and prior leveraging concerns remain to prevent any serious stimulus. By contrast the U.S. is cushioning the impact with $2 trillion aid package benefitting from a strong dollar and healthy economy before the virus.