China Press Review – March 16, 2020

Press review

EWTP hub facilitates distribution of supplies for coronavirus relief
A cargo plane carrying 500,000 surgical masks departed from China on Friday and arrived in Belgium’s Liege Airport, where it continued on to its destination in Rome, Italy.   “Liege is the largest cargo airport in Belgium, with easy access to many warehousing and distribution centers stocking vital equipment which is urgently needed in the battle against the coronavirus,” said Luc Partoune, CEO of Liege Airport. “We are proud of our efforts to turn this logistics hub into a highly efficient humanitarian-goods export center, transporting medical equipment and supplies both to China in an earlier phase of the outbreak, and now to Europe at this time of critical need.”

China has created tech ‘new world order’ in areas like AI and data collection, says US think tank
China will continue to assert ‘prolific dominance’ in multiple areas this year, according to the Future Today Institute’s 2020 Tech Trends Report   Despite slowing growth in China’s economy, ‘it would be a mistake’ to assume the country has lost its influence, the report says

The worldwide coronavirus pandemic will change the way we shop, travel and work for years to come. History shows us how
In a matter of weeks, people in affected areas have become accustomed to wearing masks, stocking up on essentials, cancelling social and business gatherings, scrapping travel plans and working from home     Even countries with relatively few cases are taking many of those precautions

Coronavirus deals China’s economy a ‘bigger blow than global financial crisis’
Factory production plummets at the fastest pace seen in three decades, as first-quarter figures emerge
Here’s what could really sink the global economy: $19 trillion in risky corporate debt
Companies have spent the years since the global financial crisis binging on debt. Now, as the coronavirus pandemic threatens to push the world into recession, the bill could come due — exacerbating damage to the economy and feeding a meltdown in financial markets.

Coronavirus: world faces ‘similar economic shocks’ to China as global lockdowns escalate
Western governments urged to view China’s ‘terrible numbers’ as incentive to be more decisive in tackling coronavirus economic fallout   Policymakers face delicate balancing act of managing health risks and keeping economies afloat, amid unprecedented pandemic challenge

Roughly 5 million people in China lost their jobs in the first 2 months of 2020
Data released Monday indicated roughly 5 million people in China lost their jobs amid the outbreak of the new coronavirus in January and February. The jump in unemployment was just one of several data points released Monday that showed how severely the virus has hit growth in the world’s second-largest economy.bruce Pang, head of macro and strategy research at China Renaissance, expects employment will remain Chinese authorities’ priority, even if there’s a hit to the 2020 GDP growth target.

As the coronavirus takes its toll, here’s what the European Central Bank must do to save the euro zone economy
The ECB missed an opportunity to walk in step with the US and Britain and cut interest rates last week. In addition to pumping liquidity into the market, the bank must shore up high-risk bond markets and ban speculative short-selling

Central banks riding to the rescue of crashing debt markets must think twice
Aside from the moral hazards of such a massive bailout, the risk is that a wall of central bank money meeting slumping growth and output can cause the greater damage of hyperinflation

ZTE shares sink 23% after news of US bribery investigation
Share prices for ZTE plunged 23% on Monday on reports that the US Justice Department is investigating the Chinese telecommunications company for bribery. The free fall in share price signal that investors are panic selling on fears that the US may again sanction the company as it did in 2018.

Asia-Pacific markets tumble as US Fed cuts rate, China releases dismal data showing economic toll of coronavirus
Taiwan stocks become the latest to fall into a bear market     Hang Seng falls 4 per cent; has closed down six of last seven sessions

The coronavirus brings the pain of job loss and cut salaries, but also relief for our overheating planet
To understand the economic impact of Covid-19 on regular people, consider the travel and tourism industry. Amid travel restrictions and flight cancellations, the coronavirus pandemic is threatening 50 million jobs around the world

How Coronavirus Impacts Ecommerce Business and Beyond
There is no vaccine to prevent the spreading Coronavirus, yet, and that holds lessons for ecommerce businesses and the people who work at them. Today, we’re facing a time to prepare and hopefully limit exposure and risks at work.  For businesses, preparation and the possibility of illness are going to reshape the day-to-day. After reviewing scenarios and government guidance (here’s your list of cleaners that can take out COVID-19), we’ve put together some thoughts on the most significant impacts we’ll see soon and how companies can respond to protect their people best.

How Luxury Brands Can Win During a Crisis
History tells us brands need to act fast. Every crisis is an opportunity for agile brands to create stronger consumer connections and more extreme value. Now is the time to reevaluate, fix gaps, and inspire customers through relevant content, ideas, and actions. In other words, now is the time to prepare your brand for the future. One thing is clear: The world will never be the same. Those who understand this and adapt first will come out winners.

Coronavirus: China’s small factories brace for ‘big hit’ as pandemic erodes overseas demand
China says 60 per cent of small firms back at work, but many report orders from Europe and US are drying up as virus spreads around the globe   Others fret that the outbreak may prompt multinational companies to reduce their reliance on Chinese-made products

With a pandemic stalking the world once more, March 11 will become a fateful day for the history books
On this day, the market’s longest bull run ended, the US bans travel from continental Europe and a pandemic is declared, exposing the failure of containment and Chinese leadership    March 2020 will mark the start of a new era, with tectonic changes in the economic, political, diplomatic, social and security spheres

From China to the West: learn our lessons on containing the coronavirus pandemic
Some Chinese sources are suggesting that Western countries have not done enough to stop the spread of the disease    Advice comes as Europe takes over as the epicentre of the crisis and Beijing tries to ward off imported cases

China takes a hard line at the border to beat coronavirus imports
Preventing imported cases ‘top priority’ as criminal charges threatened for travellers who make false health declarations    As other countries also impose tough border controls, there are calls for global collaboration to save world economy

As virus’s grip weakens, focus shifts to economy
China’s cadre’s must now tackle the Covid-19 outbreak’s debilitating toll on commerce and production
Will COVID-19 Halt China’s ‘Going out’ Economic Strategy?
The novel coronavirus outbreak will contribute to downward pressures on China’s outbound investment, including the Belt and Road.
China Adapts to a Changing Latin America
China has been able to weather the fall of friendly leftist governments in the region — at least so far.
Competition With China Goes Subnational
Can Beijing successfully exploit divisions between local and central governments?
As coronavirus epidemic eases in China, life is slowly returning to normal
Workers are gradually getting back to their jobs, stranded Hubei residents are going home and at last there is some relief for medical staff on the front line   While other countries battle the pandemic, there are signs in mainland China that the worst is over
China’s coronavirus response and Italy’s struggles show the benefits of a hierarchical system – and where it needs improvement
A hierarchical political system promotes efficiency by empowering officials to implement policies, while allowing other experts to deal with problems in different areas. But it must ideally make space for challenges to authority

China boosts face mask production capacity by 450 per cent in a month, threatening a glut scenario
Total daily capacity rose to 110 million from 20 million in February with 3,000 new entrants; China made half of the global output in 2019   Carmakers BYD and SAIC, iPhone assembler Foxconn and oil company Sinopec are among ‘new faces’ in the industry

EV maker BYD debuts ‘world’s largest’ mask factory
Electric vehicle maker BYD said that it is now the world’s biggest mask producer and that its products were available to the Chinese public as of Monday, according to a company statement.

Covid-19 Began in China. Now, China Has Some Lessons for the World.
As the U.S. grapples with the coronavirus, China gives reason for hope. Its rate of new cases is a fraction of peak levels. Chinese stocks had recouped much of their earlier losses, with the country’s CSI 300 Index near its 52-week high before the latest global rout; even now, it’s down less than 5% for the year. While China isn’t fully in the clear, and while it’s uncertain how the outbreak will unfold in the U.S., money managers see lessons in China’s progress
When coronavirus numbers don’t paint a big pandemic picture
Egypt appears to have very few cases of Covid-19 while South Korea and Italy have thousands    But one expert warns that Africa could be the disease’s next hotspot, despite the low reported caseload
International travellers to Beijing to pay for 14 days of coronavirus quarantine
Incoming passengers to cover the cost of two weeks of monitoring in a designated facility, according to media reports      Number of confirmed cases of Covid-19 continues to fall but China on the lookout for imported infections
Coronavirus: Australia orders all arrivals to self-isolate for 14 days
Domestic flights will not be affected by the new measures, the Australian government says
Australia’s prime minister has ordered a 14-day self-isolation for anyone arriving in the country to try to halt the spread of the coronavirus
No Free COVID-19 Treatment for Dishonest Patients, City Says
Amid strict screening of people arriving from abroad, one Chinese city has imposed a no-reimbursement rule for patients who lie about their health conditions or travel histories.
How the coronavirus changed life in China: CNBC Beijing Bureau Chief Eunice Yoon
CNBC’s Beijing Bureau Chief Eunice Yoon has been on the ground in China covering the coronavirus outbreak since its origins in Hubei province.    Her life, she says, was far from normal: “In the beginning … security guards started wearing gloves, and then masks, and then suddenly they’re wearing goggles and they’re taking your temperature.”

Will Hong Kong banks cut prime rates below record low of 5 per cent?
HSBC says will not cut best lending rate from 5 per cent   Other Hong Kong’s banks likely to hold the line, say analysts

Face masks and coronavirus: how culture affects your decision to wear one
In East Asia, wearing face masks is often seen as a collective responsibility to reduce disease transmission and can symbolise solidarity    But while epidemic fears could temporarily reduce resistance to masks in the West, changing this deep-seated cultural aspect long-term will be difficult
Coronavirus: Women are at the frontline fighting the pandemic, but their welfare is being neglected
From unpaid labor to domestic violence, pandemics lead to more burden on women around the world

Coronavirus: China vows to help Spain amid questions over EU support for its worst-hit countries
Foreign Minister Wang Yi tells counterpart his country is ‘willing to provide necessary support’, as Italy reveals it is buying Chinese supplies   European Union accused of failing to respond to call for help

Xenophobia, Patriarchy, and China’s Immigration Problem
The patriarchal aspect of China’s nationalism is an intractable problem.
Clash of the titans: how the coronavirus became the new China-US battleground
Rather than joining forces to subdue the pathogen, Beijing and Washington have used the pandemic to try to score points against each other   The health crisis has shifted attention away from other points of conflict – but only temporarily, observers say
Covid-19 strikes China’s economy, raising popular dissatisfaction
The Chinese government’s delayed response to the epidemic and lack of transparency also provoked public criticism of Chinese President Xi Jinping and the Chinese Communist Party.

Alain Gillard
Information Officer
Service Asie Pacifique
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