Disruptions to Chinese industrial activity linked to the coronavirus pandemic have become an external, rather than internal, matter. The latest CFLP business sentiment survey shows export expectations fell to 33.5 in April, where 50 indicates a neutral outlook, from 46.4 a month earlier. Import expectations also dropped to 43.9 from 48.4 whereas total manufacturing remained positive. Further evidence can be seen from the collapse in export order expectations in Europe as well as a 6.2% drop year over year drop in exports averaged across 10 Asian countries in March.