China's economy slowed sharply in the past couple of months. Retail sales contracted in March for the first time in more than a year. Unemployment, meanwhile, surged to a record 6% in 31 major cities. "These factors, combined with the downward demand trend already visible in China's smartphone market before the fresh pandemic wave, impacted the sector significantly," Mengmeng Zhang, a research analyst for Counterpoint Research, said in the report accompanying the data release.
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