(Yicai Global) April 17 -- China's industrial output contracted 8.4 percent in the first quarter because of the coronavirus pandemic, data that the National Bureau of Statistics published today show.

An Yicai Global survey of 24 chief economists at major Chinese financial institutions found they predicted, on average, that the first quarter industrial output shrank 6.76 percent.

This figure is, however, much improved compared from that in the first two months, when industrial output was down 13.5 percent. It dropped only 1.1 percent last month.

Editor: Ben Armour