Chindia Alert: You’ll be Living in their World Very Soon
aims to alert you to the threats and opportunities that China and India present. China and India require serious attention; case of ‘hidden dragon and crouching tiger’.
Without this attention, governments, businesses and, indeed, individuals may find themselves at a great disadvantage sooner rather than later.
The POSTs (front webpages) are mainly 'cuttings' from reliable sources, updated continuously.
The PAGEs (see Tabs, above) attempt to make the information more meaningful by putting some structure to the information we have researched and assembled since 2006.
BEIJING, May 31 (Xinhua) — The U.S. government has been slammed at home and abroad after announcing on Friday “terminating” its relationship with the World Health Organization (WHO).
U.S. health experts and lawmakers have expressed concern over the decision announced by President Donald Trump amid the COVID-19 outbreak.
Patrice Harris, president of the American Medical Association, described Trump’s move as a “senseless” action with “significant, harmful repercussions.”
“COVID-19 affects us all and does not respect borders; defeating it requires the entire world working together,” Harris was quoted by CNN as saying, urging Trump to reverse the course.
Lawrence Gostin, a professor of global health law and director of the O’Neill Institute for National and Global Health Law at Georgetown University, described the move as “foolish and arrogant” in his Twitter account.
“Trump’s action is an enormous disruption and distraction during an unprecedented health crisis,” said Gostin, also the director of the WHO collaborating center on national and global health law. “The President has made us less safe.”
Democratic Senator Joe Manchin of West Virginia said that “the United States cannot eliminate this virus on its own and to withdraw from the World Health Organization — the world’s leading public health body — is nothing short of reckless,” according to a CNN report.
Even within the Republican party, some Republicans also expressed their disagreement. Senate Health Committee Chairman Lamar Alexander reportedly said he disagreed with Trump’s decision, because, without U.S. funding, clinical trials to develop a COVID-19 vaccine might be hampered.
In addition, the European Union (EU) has urged the United States to reconsider its termination of ties with the WHO, warning that Trump’s move would erode global efforts to curb the spread of the virus.
“The WHO needs to continue being able to lead the international response to pandemics, current and future. For this, the participation and support of all is required and very much needed. In the face of this global threat, now is the time for enhanced cooperation and common solutions. Actions that weaken international results must be avoided,” Ursula von der Leyen, president of the European Commission, and Josep Borrell, the EU High Representative for Foreign Affairs and Security Policy, said in the statement on Saturday.
“In this context, we urge the U.S. to reconsider its announced decision,” the statement said.
German Health Minister Jens Spahn tweeted that Trump’s move was “a disappointing backlash for International Health.”
“The EU must take a leading role and engage more financially,” Spahn said, noting that this would be one of Germany’s priorities when it becomes the bloc’s rotating presidency on July 1.
British Prime Minister Boris Johnson’s spokesperson said earlier that Britain “has no plans to stop funding the WHO, which has an important role to play in leading the global health response.”
“Coronavirus is a global challenge and it is essential that countries work together to tackle this shared threat,” the spokesperson was quoted by The Guardian as saying.
Irish Minister for Health Simon Harris on Friday described Trump’s move as an “awful decision.”
“A global pandemic requires the world working together … We should unite in our fight against it (COVID-19) & not fight each other,” Harris tweeted.
Russian Foreign Ministry spokesperson Maria Zakharova told TASS news agency that Washington “dealt a blow” to the international framework for cooperation in healthcare at the moment when the world needed to join forces.
Image copyright AFP / GETTYImage caption The P4 laboratory (centre) in Wuhan is among a handful around the world cleared to handle viruses that pose a high risk of person-to-person transmission
Chinese state media has accused US Secretary of State Mike Pompeo of lying, after he said there was “enormous evidence” the coronavirus emanated from a laboratory in Wuhan.
Mr Pompeo made the claim on Sunday, without going into specifics.
In an editorial on Tuesday, the hawkish Global Times newspaper said Mr Pompeo was “degenerate”.
The World Health Organization says the US claims are “speculative”, and that it has seen no “specific evidence”.
What did Chinese media say?
Editorials in Chinese state media often given an insight into the direction of government thinking, but there has been no official response to Mr Pompeo’s comments as yet.
“Pompeo aims to kill two birds with one stone by spewing falsehoods,” it said.
“First, he hopes to help Trump win re-election this November…second, Pompeo hates socialist China and, in particular, cannot accept China’s rise.”
Media caption “The Chinese Communist Party has refused to co-operate with world health experts” – Mike Pompeo
The editorial admitted there were “initial problems” in China’s response to the outbreak, but claimed “the overall performance is bright enough to outweigh the flaws”.
It also said it was “conceivable that the virus first contacted humans in other places [than Wuhan]”.
The Global Times is not the only Chinese outlet to take aim at Mr Pompeo and the US.
The People’s Daily said Mr Pompeo had “no evidence”, while a piece on the CCTV site accused US politicians of “nefarious plotting”.
What did Mike Pompeo say?
In an interview with ABC on Sunday, Mr Pompeo said there was “enormous evidence” that the virus had emerged from the Wuhan Institute of Virology.
“Remember, China has a history of infecting the world, and they have a history of running sub-standard laboratories,” he said.
Mr Pompeo – a former director of the Central Intelligence Agency (CIA) – said he did not think the virus was man-made or genetically modified.
The Wuhan laboratory is known to study coronaviruses in bats. In April, President Trump was asked whether “lax safety protocols” allowed such a virus to escape via an intern and her boyfriend.
Mr Trump did not confirm the theory, but said: “More and more we’re hearing the story.”
Media caption Donald Trump was recently asked if the virus emanated in a laboratory, rather than a market
Last week, he was asked if he had seen evidence that gave him a “high degree of confidence” that the virus emerged in the Wuhan laboratory.
“Yes I have,” he replied – but said he could not go into specifics.
On Monday, World Health Organization emergencies director Michael Ryan said it had received “no data or specific evidence” from the US about the virus origins.
“So from our perspective, this remains speculative,” he said.
Last week, the US intelligence community said it “concurred” that the virus “was not man-made or genetically modified”.
But it said it would “continue to examine” whether the outbreak began via “contract with infected animals, or if it was the result of an an accident at a laboratory in Wuhan”.
Australian Prime Minister Scott Morrison said on Tuesday that the most likely source of the virus was a wildlife market. However he said he would not rule out the theory that it originated in a lab.
“What’s really important is that we have a proper review, an independent review which looks into the sources of these things in a transparent way so we can learn the lessons,” he told reporters.
Meanwhile, Western “intelligence sources” have told several news outlets there is “no evidence” to suggest the virus leaked from a laboratory.
SHANGHAI (Reuters) – China’s smog-prone northern province of Hebei met its air quality targets by a big margin over the winter after concerted efforts to tackle emissions, a local official said on Sunday, without mentioning coronavirus-related factory shutdowns.
Average PM2.5 concentrations over the October-March period dropped 15% from a year earlier to 61 micrograms per cubic metre, while sulphur dioxide also fell by a third, said He Litao, vice-head of the provincial environmental bureau.
Most experts have attributed the significant decline in air pollution throughout China in the first quarter to the coronavirus outbreak and tough containment measures, which saw cities and entire provinces locked down and sharply reduced traffic and industrial activity throughout the country.
With millions staying at home, concentrations of lung-damaging PM2.5 particles fell by nearly 15% in more than 300 Chinese cities in the first three months of 2020.
Shanghai saw emissions fall by nearly 20% in the first quarter, while in Wuhan, where the pandemic originated, monthly averages dropped more than a third compared to last year.
However, He of the Hebei environmental bureau attributed the local decline in pollution to the “conscientious implementation” of government decisions even in the face of unfavourable weather conditions.
According to a winter action plan published last year, 10 cities in Hebei were expected to cut lung-damaging small particles known as PM2.5 by 1%-6% compared to the previous year.
Despite the decline, average PM2.5 was still much higher than China’s official standard of 35 micrograms, and the recommended World Health Organization level of 10 micrograms.
BEIJING, April 17 (Xinhua) — China supports the action plan issued by the Group of 20 (G20) to deal with the impact of COVID-19 and will contribute to the G20 efforts to fight the pandemic through its own policy actions, the Ministry of Finance (MOF) said Friday.
G20 finance ministers and central bank governors agreed Wednesday to suspend debt service payments for the world’s poorest countries from May 1 until the end of the year.
China will implement more proactive fiscal policies with higher quality and efficiency, appropriately increase the fiscal deficit ratio, issue special government bonds, increase the scale of special bonds for local governments, and further cut taxes and fees, the MOF said.
In the process, China will strengthen macroeconomic policy coordination with G20 members and jointly support the implementation of the G20 action plan, the MOF said.
China will carry out specific work through bilateral consultations at the request of relevant poor borrowers in accordance with the G20 consensus, the MOF said.
To achieve better results of the action plan, China calls on multilateral creditors and commercial creditors to take appropriate actions as soon as possible to jointly help the poorest countries tide over their difficulties, the MOF said.
China has been providing support to the international community through other bilateral and multilateral channels, including donating 20 million U.S. dollars to the World Health Organization and earmarking 10 million U.S. dollars in its Poverty Reduction and Regional Cooperation Fund under the Asian Development Bank to support outbreak control programs in the region.
GENEVA (Reuters) – World Health Organization officials on Wednesday denied that the body was “China-centric” and said that the acute phase of a pandemic was not the time to cut funding, after U.S. President Donald Trump said he may put contributions on hold.
The United States is the top donor to the Geneva-based body which Trump said had issued bad advice during the new coronavirus outbreak.
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U.S. contributions to WHO in 2019 exceeded $400 million, almost double the 2nd largest country donor, according to figures from the U.S. State Department. China contributed $44 million, it said.
“We are still in the acute phase of a pandemic so now is not the time to cut back on funding,” Dr Hans Kluge, WHO regional director for Europe, told a virtual briefing when asked about Trump’s remarks.
Trump told a news conference on Tuesday that the United States was “going to put a hold on money spent to the WHO,” however, he appeared to backtrack later when in response to questions he said: “We’re going to look at it.”
It was not immediately clear how Trump could “block” funding for the organization. Under U.S. law, Congress, not the president, decides how federal funds are spent.
Dr Bruce Aylward, senior advisor to the WHO Director-General, also defended the U.N. agency’s relationship with China, saying its work with Beijing authorities was important to understand the outbreak which began in Wuhan in December.
“It was absolutely critical in the early part of this outbreak to have full access to everything possible, to get on the ground and work with the Chinese to understand this,” he told reporters.
“This is what we did with every other hard-hit country like Spain and had nothing to do with China specifically.”
Aylward, who led a WHO expert mission to China in February, defended WHO recommendations to keep borders open, saying that China had worked “very hard” to identify and detect early cases and their contacts and ensure they did not travel.
“China worked very, hard very early on, once it understood what it was dealing with, to try and identify and detect all potential cases to make sure that they got tested to trace all the close contacts and make sure they were quarantined so they actually knew where the virus was, where the risk was,” he said.
“Then they made it very clear that these people would not and could not travel within the country, let alone internationally,” he added.
WHO Director-General Tedros Adhanom Ghebreyesus has been lavish in his praise of China from early in the outbreak, praising President Xi Jinping’s “rare leadership”.
David Heymann, a professor at the London School of Hygiene & Tropical Medicine who led WHO’s response to the 2003 SARS outbreak, said that any U.S. funding cut would be a huge blow.
“If the WHO loses its funding it cannot continue to do its work. It works on a shoe-string budget already,” Heymann said in London. “Of course it would be disastrous for the WHO to lose funding.”
BEIJING/SHANGHAI (Reuters) – Chinese President Xi Jinping told U.S. President Donald Trump during a phone call on Friday that he would have China’s support in fighting the coronavirus, as the United States faces the prospect of becoming the next global epicentre of the pandemic.
The United States now has the most coronavirus cases of any country, with 84,946 infections and 1,259 deaths. Hospitals in cities like New York and New Orleans struggle to cope with the wave of patients.
Xi’s offer of assistance came amid a long-running war of words between Beijing and Washington over various issues including the coronavirus epidemic.
Trump and some U.S. officials have accused China of a lack of transparency on the virus, and Trump has at times called the coronavirus a “China virus” as it originated there, angering Beijing.
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In the call, Xi reiterated to Trump that China had been open and transparent about the epidemic, according to an account of the conversation published by the Chinese foreign ministry.
Trump said on Twitter that he discussed the coronavirus outbreak “in great detail” with Xi.
“China has been through much & has developed a strong understanding of the virus,” Trump said. “We are working closely together. Much respect!”.
The World Health Organization has said the United States, which saw 17,099 new coronavirus cases and 281 deaths in the past 24 hours, is expected to become the epicentre of the pandemic.
CHINA CUTS FLIGHTS
Like U.S. hospitals now, China’s medical system struggled to contain the coronavirus just two months ago, but draconian city lockdowns and severe travel restrictions has seen China dramatically ease the epidemic.
Mainland China on Friday reported its first local coronavirus case in three days and 54 new imported cases, as Beijing ordered airlines to sharply cut international flights, for fear travellers could reignite the coronavirus outbreak.
The 55 new cases detected on Thursday were down from 67 a day earlier, the National Health Commission said on Friday, taking the tally of infections to 81,340. China’s death toll stood at 3,292 as of Thursday, up by five from a day earlier.
The central province of Hubei, with a population of about 60 million, reported no new cases on Thursday, a day after lifting a lockdown and reopening its borders as the epidemic eased there.
The commercial capital of Shanghai reported the most new imported cases with 17, followed by 12 in the southern province of Guangdong and four each in the capital Beijing and the nearby city of Tianjin.
Shanghai now has 125 patients who arrived from overseas, including 46 from Britain and 27 from the United States.
In effect from Sunday, China has ordered its airlines to fly only one route to any country, on just one flight each week. Foreign airlines must comply with similar curbs on flights to China, although many had already halted services.
About 90% of current international flights into China will be suspended, cutting arrivals to 5,000 passengers a day, from 25,000, the civil aviation regulator said late on Thursday.
From Saturday, China will temporarily suspend entry for foreigners with valid visas and residence permits, in an interim measure, the foreign ministry added.
Before the new curbs, foreign nationals made up about a tenth of the roughly 20,000 travellers arriving on international flights every day, an official of China’s National Immigration Administration said last week.
As commercial flights dwindle, Chinese students from wealthy families are paying tens of thousands of dollars to fly home on private jets.
International demand for chartered and private flights into China increased 227% in March from a year earlier, said Shanghai-based private jet service provider iFlyPlus.
Notably, requests for flights from the United States to China rose 10-fold in late March, iFlyPlus told Reuters.
BEIJING (Reuters) – China has given the go-ahead for researchers to begin human safety tests of an experimental coronavirus vaccine in the race to develop a shot against the COVID-19 epidemic that has killed more than 7,000 people worldwide.
Researchers at China’s Academy of Military Medical Sciences, – affiliated to the Chinese People’s Liberation Army (PLA) -received approval to launch early-stage clinical trials of the potential vaccine starting this week, the ruling Communist Party’s People’s Daily reported on Tuesday.
Scientists in the United States said on Monday that clinical trials had begun for a vaccine developed by its National Institute of Allergy and Infectious Diseases and the U.S. biotech firm Moderna.
Details in the Chinese clinical trial registration database show that a “Phase 1” test that will examine whether experimental shot is safe in humans aims to recruit 108 healthy people to take part between March 16 and December 31.
The trial will be conducted by China’s Academy of Military Medical Sciences and the Hong Kong-listed biotech firm CanSino Biologics, the database showed.
Experts at the World Health Organization say they do not expect any fully tested and approved vaccine to reach the market until the middle of next year.
At least six people are dead and 28 remain missing after a hotel being used as a coronavirus quarantine facility in the Chinese city of Quanzhou collapsed on Saturday.
Rescue workers are still searching the rubble of the five-storey Xinjia Hotel in the southern province of Fujian.
Seventy-one people were in the building when it collapsed and dozens have been rescued, authorities say.
It is not clear what caused the collapse on Saturday evening.
Image copyright GETTY IMAGESImage caption Rescue workers continued to search for survivors on Sunday
State media say the hotel was being used as a quarantine facility monitoring people who had had close contact with coronavirus patients. It’s reported 58 of the 71 people in the building were under quarantine.
The building’s first floor had been undergoing renovation since before the Lunar New Year, the official Xinhua news agency said, adding that police had summoned the building’s owner.
The hotel reportedly opened in 2018 and had 80 guest rooms.
The city of Quanzhou has recorded 47 cases of the virus, which first emerged in the city of Wuhan, about 1,000km away.
Image copyright EPAImage caption The hotel reportedly had 80 guest rooms
One woman told the Beijing News website that relatives including her sister had been under quarantine there.
“I can’t contact them, they’re not answering their phones,” she said.
“I’m under quarantine too [at another hotel] and I’m very worried, I don’t know what to do. They were healthy, they took their temperatures every day, and the tests showed that everything was normal.”
As of Friday, Fujian province had 296 confirmed cases of coronavirus. Meanwhile 10,819 people have been placed under observation because they have been in close contact with someone infected.
The number of new reported cases in China dropped on Saturday to 44, down from 99 the previous day.
The World Health Organization says more than 101,000 people worldwide have now contracted the virus. More than 80,000 of them are in China.
About 3,500 people have died – the majority in the Chinese province of Hubei where the outbreak originated.
SEOUL/SHANGHAI (Reuters) – South Korea raised its disease alert to the highest level on Sunday after a surge in coronavirus infections and two more deaths, while China state media warned the outbreak there had yet to reach a turning point despite some signs of easing.
South Korea’s president said he was putting the country on “red alert” due to the rapid rise in new cases, which are largely being traced back to church services. Health officials reported 169 new infections, bringing the total to 602, having doubled from Friday to Saturday.
The escalation in the alert level allows the government to send extra resources to Daegu city and Cheongdo county, which were designated “special care zones” on Friday.
South Korea’s Yonhap News Agency said it also enables the government to forcibly prevent public activities and order the temporary closure of schools, though the government gave no immediate details on what steps could be taken.
In China, the health commission confirmed 648 new infections – higher than a day earlier – but only 18 were outside of Hubei province, the lowest number outside of the epicenter since authorities started publishing data a month ago and locked down large parts of the country.
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But the number of cases continued to climb elsewhere.
Japanese Prime Minister Shinzo Abe instructed government agencies on Sunday to urgently prepare medical provisions and draft a comprehensive plan to curb the spread of the virus, after it reported 27 more cases a day earlier.
The U.S. State Department raised its travel advisory level one notch for South Korea and Japan to Level 2 on a scale of 1 to 4.
Concern about the reach and rapid spread of coronavirus also grew in Europe and the Middle East.
Cases in Italy, Europe’s worst hit country, more than quadrupled to 79 on Saturday, with two deaths.
Iran reported a total of 43 infections, with eight deaths – all since Tuesday – forcing some of its neighbors to announce travel and immigration curbs.
The World Health Organization on Saturday stressed that the number of cases outside of China was still relatively few, but it was worried by the detection of infections without a clear link to China.
The disease has spread to some 26 countries and territories outside China, killing more than a dozen people, according to a Reuters tally. It has been fatal in 2% of reported cases, with the elderly and ill the most vulnerable, according to the WHO.
The potential economic impact of coronavirus was prominent at a meeting of G20 finance ministers in Riyadh, at which the International Monetary Fund chief said China’s 2020 growth would likely be lower at 5.6%, down 0.4 percentage points from its January outlook, with 0.1 percentage points shaved from global growth.
The last time South Korea raised the alert to the highest was 11 years ago during the Influenza A or H1N1 outbreak.
Many of South Korea’s new cases were linked to the Shincheonji Church of Jesus congregation in Daegu after a 61-year-old woman known as “Patient 31” tested positive for the virus last week. The woman had no recent record of overseas travel.
Catholic churches in Daegu and Gwangju have suspended mass and other gatherings, while churches elsewhere saw declines in attendance on Sunday, especially among the elderly.
“If the situation gets worse, I think we’ll need to take more measures. Currently, we’re limiting personal gatherings within the church except for Mass,” said Song Gi-young, 53, wearing a face mask at church.
Heo Young-moo, 88, expressed frustration.
“Devotees shouldn’t go to any risky places … Hasn’t it become so widespread because those people didn’t get checked?”,” he said.
Outside of the church was a sign that said: “All Shincheonji followers are strictly prohibited from entering”.
The foreign ministry said South Koreans aboard a plane to Israel had been denied entry there on Saturday due to concerns about the virus spread.
China said the number of new deaths on Saturday from COVID-19, as the disease caused by the virus is known, was 97, all but one of which were in Hubei.
Eighty-two of those were in the provincial capital Wuhan, where Xinhua news agency said nucleic tests were being carried out on the backlog of cases to try to contain the spread.
In total, China has reported 76,936 cases, and 2,442 deaths. The WHO says the virus is severe or critical in only a fifth of infected patients, and mild in the rest.
Graphic: Reuters graphics on the new coronavirus here
NOT OVER YET
Beijing, Zhejiang, Sichuan had no new infections on Feb. 22 for the first time since the outbreak was detected. There were signs of street life in Shanghai, with some cafes serving take-out food and families wearing masks walking their dogs.
State run television on Sunday urged people to avoid complacency, drawing attention to people gathering in public areas and tourist spots without wearing masks.
Analysts have been closely watching out for any signs of a secondary wave of infections as transport restrictions are eased and many migrant workers return to factories and offices. Business activity in the world’s second-biggest economy is only gradually returning to normal after widespread disruptions.
Japan’s health minister apologized on Saturday after a woman who was allowed to leave the coronavirus-struck Diamond Princess cruise ship tested positive despite having underwent quarantine.
At least 623 cases have been reported on the vessel, the biggest outbreak outside China, involving more than a dozen nationalities.
In Italy, schools and universities were closed and some soccer matches postponed in Lombardy and Veneto, the country’s industrial heartland.
Saudi Arabia, Kuwait, Iraq have travel and immigration curbs on Iran, while Oman on Sunday urged its citizens to steer clear of countries with high infection rates and said arrivals from those nations would be quarantined.
BEIJING (Reuters) – China reported a sharp decrease in new deaths and cases of the coronavirus on Saturday but a doubling of infections in South Korea and 10 new cases in Iran added to unease about its rapid spread and global reach.
Mainland China had 397 new confirmed cases of coronavirus infections on Friday, down from 889 a day earlier, but only 31 cases were outside of the virus epicentre of Hubei province, the lowest number since the National Health Commission started compiling nationwide data a month ago.
But infection numbers continued to rise elsewhere, with outbreaks worsening in South Korea, Italy and Lebanon and Iran, prompting a warning from the World Health Organization that the window of opportunity to contain the international spread was closing..
South Korea saw another spike in infections, with 229 new confirmed cases, taking its tally to 433. Officials warned that could rise substantially as more than 1,000 people who attended a church at the centre of the outbreak had shown flu-like symptoms.
Iran, which had no reported cases earlier this week, saw 10 new cases, one of which had died, taking the number to 28 infections and five deaths.
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It has spread to some 26 countries and territories outside mainland China, killing 13 people, according to a Reuters tally.
WHO director-general Tedros Adhanom Ghebreyesus on Twitter expressed concern on Saturday about cases with no clear link to China and called on all countries to invest urgently in preparedness. He made an appeal for $675 million to support the most vulnerable countries.
On Friday, he said now was the time to act decisively.
“We still have a chance to contain it,” he said. “If we don’t, if we squander the opportunity, then there will be a serious problem on our hands.”
An outbreak in northern Italy worsened with its first two deaths, among 17 confirmed cases including its first known instance of local transmission.
Japan confirmed 14 new coronavirus cases on Saturday, among those a teacher who had shown symptoms while working at her school.
Japan is facing growing questions about whether it is doing enough to contain its spread, and concern about whether it could scupper this year’s Tokyo Olympics. Organisers on Saturday postponed the start of training for volunteers as a precaution.
The Bank of Japan’s governor on Saturday shrugged off talk that the widening epidemic is triggering an outflow of funds from Asia.
The total number of confirmed cases in mainland China rose to 76,288, with the death toll at 2,345 as of the end of Friday. Hubei reported 106 new deaths, of which 90 were in Wuhan.
But new, albeit isolated findings about the coronavirus could complicate efforts to thwart it, including the Hubei government’s announcement on Saturday that an elderly man took 27 days to show symptoms after infection, almost twice the presumed 14-day incubation period.
That follows Chinese scientists reporting that a woman from Wuhan had travelled 400 miles (675 km) and infected five relatives without showing signs of infection, offering new evidence of asymptomatical spreading.
State television on Saturday showed the arrival in Wuhan of the “blue whale”, the first of seven river cruise ships it is bringing in to house medical workers, tens of thousands of which have been sent to Hubei to contain the virus.
Senior Chinese central bank officials sought to ease global investors’ worries about the potential damage to the world’s second-largest economy from the outbreak, saying interest rates would be guided lower and that the country’s financial system and currency were resilient.
Chen Yulu, a deputy governor of the People’s Bank of China, said policymakers had plenty of tools to support the economy, and were fully confident of winning the war against the epidemic.
“We believe that after this epidemic is over, pent-up demand for consumption and investment will be fully released, and China’s economy will rebound swiftly,” Chen told state television.
China has recently cut several key lending rates, including the benchmark lending rate on Thursday, and has urged banks to extend cheap loans to the worst-hit companies which are struggling to resume production and are running out of cash.
The transport ministry said businesses would resume operations on a larger scale later this month and said more roads, waterways and ports were returning to normal.
Online media and Weibo users posted footage and images on Saturday of some malls reopening, including in the cities of Wuxi, Hangzhou and in Gansu province, with shoppers queuing in near-empty streets outside for mandatory temperature checks as trickles of customers in masks perused luxury goods shops and makeup counters.
Some analysts believe China’s economy could contract in the first quarter from the previous three months due to the combined supply and demand shocks caused by the epidemic and strict government containment measures. On an annual basis, some warn growth could fall by as much as half from 6% in the fourth quarter.
However, transport restrictions remain in many areas and while more firms are reopening, the limited data available suggests manufacturing is still at weak levels, with disruptions starting to spillover into global supply chains.
Samsung Electronics (005930.KS) said on Saturday that one coronavirus case had been confirmed at its mobile device factory complex in Gumi, causing a shutdown of its entire facility.
Finance leaders from the Group of 20 major economies were set to discuss risks to the world economy in Saudi Arabia this weekend.
The WHO’s Tedros on Twitter said 13 priority countries in Africa had been identified for help because of their direct links to China or high travel volume. That would include 30,000 personal protective kits on the way to six countries and 60,000 more for 19 states in the weeks ahead.
CHINDIA ALERT: You'll be living in their world, very soon 