20/04/2020
BEIJING, April 20 (Xinhua) — China has resumed construction of major water conservancy projects amid its further containment of the novel coronavirus disease (COVID-19) epidemic.
Construction has resumed so far on 143 of the 172 major water conservancy projects, with the scale of investment under construction reaching over 1 trillion yuan (around 141 billion U.S. dollars), according to the Ministry of Water Resources.
The ministry said 30 conservancy projects have completed construction and produced benefits.
As the situation of epidemic control and prevention continues to improve, China is speeding up construction on major infrastructure projects to mitigate the economic impact of the novel coronavirus epidemic.
Construction has resumed on about 85 percent of the housing and urban infrastructure projects in China as of April 1, with about 158,700 housing and urban infrastructure projects across the country cranking up work, according to the Ministry of Housing and Urban-Rural Development.
Source: Xinhua
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07/02/2020
- Some companies polled by Shanghai’s American Chamber of Commerce said they were speeding up plans to move operations out of mainland
- Transport bans and strict public health measures have disrupted economic activity
China’s economic growth may drop to 5 per cent or lower because of the outbreak, according to a government economist. Photo: Bloomberg
The majority of US firms with operations in China expect
a virus outbreak
to cut revenue this year, and some are accelerating plans to shift their supply chains out of the country, according to a poll by Shanghai’s American Chamber of Commerce.
Nearly a quarter of the firms forecast revenue would fall by at least 16 per cent this year due to the outbreak, while over a fifth said it would decline by 11-15 per cent. Only 13 per cent of respondents said revenue would see very little or no impact from the virus.
The survey covered 127 companies, including 20 with China-sourced revenues of over US$500 million and 27 with China revenues of US$100 million to US$500 million.
Sixteen per cent of respondents expected China’s gross domestic product to fall by more than 2 per cent due to the outbreak.
China tries to get back to work amid coronavirus outbreak
The death toll from the virus in China has topped 600, with more than 31,000 people infected. Widespread transport bans and strict public health measures have disrupted economic activity in much of the country, and factory closures are starting to ripple through global supply chains.
China faces dilemma as it tries to get back to work amid coronavirus outbreak fears
A government economist said last week that China’s economic growth may drop to 5 per cent or even lower due to the outbreak, possibly pushing policymakers into introducing more stimulus measures.
Sources said Chinese policymakers were preparing measures, including more fiscal spending and interest rate cuts, amid expectations the outbreak would have a devastating impact on first-quarter growth.
In response to the virus, some survey respondents said they were shifting operations out of China and moving more production to other areas, including India.
“Not innovative, but our suppliers are moving operations to Taiwan. This has been considered before, options and planning were being made, but they are pulling the trigger now,” according to one respondent in the survey.
“Our company will directly source from Taiwan and eliminate the mainland China supply chain for more and more products.”
Source: SCMP
Posted in China, China’s, coronavirus outbreak, disrupted, Economic growth, expect, Gross domestic product, hit, mainland, move, operations, plans, products, public health measures, Revenue, Shanghai's, speeding up, Supply chain, Taiwan, Transport bans, Uncategorized, US firms |
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