China Press Review – March 23, 2020

Press review

Global economy will suffer for years to come, says OECD
The world will take years to recover from the coronavirus pandemic, the Organisation for Economic Co-operation and Development has warned.

How coronavirus shutdowns are redrawing supply chains and globalisation forever
Global lockdowns are disrupting supply chains and giving the world a taste of economic decoupling. But the gains of globalisation and the internet cannot be rolled back, so what awaits us is not the end but a fresh reconfiguration of the global economy  I am confident that most communities worldwide will not willingly retreat back into the small, quiet worlds that I knew as a child. The internet and smartphone telecoms infrastructures built over the past two decades have demolished forever such closeted existences.   These, more than anything, provide the foundations for the globalisation of the future. E-commerce and e-meetings may provide new ways of managing our globalised lives, and make decoupling very unlikely. As we emerge from our enforced pandemic shutdown, we shall see.

Govt plans more steps to maintain employment and economic stability
China’s economy is resilient enough to withstand the novel coronavirus outbreak, and the country will continue to boost efforts to keep employment stable and maintain economic stability, an official from the National Development and Reform Commission said on Monday.

As China’s Economic Slowdown Bites, Workers Are Feeling the Pain
Employers are cutting staff and slashing salaries and benefits amid the COVID-19 pandemic. And workers locked down in Hubei province are the most vulnerable.

Why the ‘big bazooka’ used in the 2008 financial meltdown is the wrong weapon for the coronavirus crisis
The global financial crisis playbook was designed for a world facing threats to the quantity of economic growth. It cannot be the answer for a world facing a shock stemming from deficiencies in the quality of that growth

Coronavirus: China’s central bank talks up growth prospects, as premier says small businesses must survive
After worst two months for decades, People’s Bank of China says economy now expected to make a swift return to its expected growth pattern    Premier Li Keqiang says government ‘must try all possible ways’ to help small companies get back on their feet

Coronavirus: Dow drops more than 900 points, ending worst week since 2008
Traders in full retreat amid fear that outbreak will plunge US and other major economies into deep recessions  US crude oil price nosedives, with investors anticipating sharp drop in demand as manufacturing, travel and commerce grind nearly to a halt

Coronavirus: for China, the economic pain has only just begun
Projections for the first quarter are grim enough, and they don’t even paint the full picture    China may look like it has the virus under control, but there will be a sting in the tail of this pandemic

China online retail giants Alibaba, JD emerge from coronavirus deadlock
China’s e-commerce sector is beginning to emerge from a months-long logistics ordeal brought on by the coronavirus outbreak, judging by the latest data on delivery volumes. But a longer-term rebound hinges on a recovery in demand for goods beyond the essentials.

Chinese Tesla challenger Xpeng acquires auto manufacturer, could gain licence to produce own cars
Guangzhou-based electric car maker Xpeng is expected to obtain Guangdong Foday Automobile’s manufacturing licence by buying out the latter    It recently got the green light to test drive its new P7 model in the US

BMW to continue investments in China, despite Coronavirus situation
The current pandemic that has taken over the world and is forcing people to stay home has had, and will continue to have, dire consequences for economies worldwide. China has already seen a drastic reduction of its GDP over the course of 2020 and other countries are bound to follow. China, however, is one of the most important countries to watch out for though, because of its massive economy. Whatever happens there can have drastic effects all over the world.

Coronavirus: China braced for second economic shock wave as Covid-19 controls kill demand
After riding out a supply shock that closed down most of its factories, China is bracing for a second wave demand shock to its economy   Closure of overseas markets to hit exports, while psychological scars, bankruptcy and job losses will hit domestic demand

Lessons From China On How To Restart An Economy After Coronavirus Peaks
How are businesses and restaurants reopening in China after a deadly outbreak of the new coronavirus? Very slowly. China continues to sacrifice economic activity for rigorous quarantine measures.

China coronavirus panic: Beijing’s fears it could ‘lose economic dominance’ revealed
CHINA’s economy has become a dominant force in recent decades, but one expert tells that the country is fearing its trading influence could be reduced as panic surrounding the killer coronavirus continues to surge.

Why social media influencers and business may not be a good mix – business influencers should be experts who command respect
The Singapore government’s recent attempt to use Instagram influencers to promote the budget was a total failure    Other marketers are learning the lesson that you need to hire credible online influencers to promote businesses

As China’s Banks Encourage Loans, Default Fears Mount
More than 12 state-owned financial institutions in China are offering incentives to boost consumer lending despite an increase in the number of people defaulting, a report in The Financial Times (FT) indicated on Sunday (March 22).

Unless The Coronavirus Is Defeated In China Soon, Their National GDP Goes To Zero
Unless China has successfully stopped the fast spreading SARS-CoV-2, aka the new coronavirus, then it can wave goodbye its 2020 growth target of around 6%.

Coronavirus: China’s largest trade expo postponed as Canton Fair spring session falls foul of pandemic
The spring session of China’s Canton Fair has been postponed due to fears about the spread of the coronavirus pandemic, authorities in Guangdong province say    Premier Li Keqiang had insisted early this month that the fair’s spring session would go ahead as it was crucial for efforts to ‘stabilise’ the global economy

At least we didn’t die: Beijing’s poorest battle Covid-19 and unemployment
China’s efforts to contain the deadly disease may have paid off but the economic impact of the travel restrictions and closed shops has pushed the nation’s most vulnerable to breaking point   ‘I just pray for life to go back to normal,’ says 64-year-old street vendor Wang, who cares for her disabled husband but has been unable to work weeks

China’s Big Tech companies are using their roles in fighting world’s largest health crisis to turbocharge HealthTech
When epidemiologists were still struggling to find the cause and transmission path of the coronavirus, Chinese authorities resorted to the most primitive way to block its spread, locking an estimated 50 million people under quarantine      Now, as the focus of the global pandemic shifts offshore from mainland China, the country’s technology companies are using their participation in the world’s largest health crisis to turbocharge the deployment of so-called HealthTech solutions

Employ technology to bring an end to crisis
All governments have to cooperate and coordinate if the war against the disease is to be won

Should AI help make life-or-death decisions in the coronavirus fight?
Chinese researchers say they have developed an artificial intelligence tool that can assist doctors to make choices about Covid-19 patients  It analyses blood samples to predict survival rates and could help medical staff choose who gets treatment first

Coronavirus closes down the world: how seven different cities are responding
The streets are eerily quiet in some of the world’s biggest cities, and in some places shoppers have been stripping the shelves bare    A family that escaped from Hubei province became pariahs in the small city in eastern China where they live and work

Coronavirus: fireworks in Wuhan as checkpoints are taken down, other cities in China ease controls
Authorities begin clearing them as the city hardest hit by the crisis prepares to go back to work   But routes out will remain blocked, and some residents question how reliable the official numbers are

A third of coronavirus cases may be ‘silent carriers’, classified Chinese data suggests
More than 43,000 people in China had tested positive without immediate symptoms by the end of February and were quarantined    It is still unclear what role asymptomatic transmission is playing in the global pandemic

Coronavirus could linger in Europe for two years, Chinese expert says
‘It would be perfectly normal if the virus comes and goes’ with the seasons, Zhang Wenhong, head of Shanghai’s Covid-19 clinical expert team, tells Chinese expats, students in Germany   ‘If only the whole world could stop moving for four weeks, the pandemic could be stopped,’ he says

COVID-19 pandemic may come and go for up to 2 years: Chinese expert
 Chinese medical expert has predicted that the new coronavirus disease (COVID-19) that has spread rapidly around the world will not disappear anytime soon and could last off and on for one or two years.

Coronavirus: US-China decoupling may diminish Beijing’s role in G20 economic response
The G20 is set to hold an emergency virtual summit next week where it will try to coordinate a global response to the coronavirus economic fallout   But US-China decoupling and rising nationalism around the world could prevent Beijing from taking a lead role in fighting the virus, analysts say

Coronavirus: G20 to skip statement after Monday’s call, source says, underscoring challenges
The Group of 20 (G20) is facing pressure to take coordinated action against the pandemic that has jolted markets and stoked fears of a global recession    The call with G20 finance leaders on Monday is expected to prepare for an extraordinary virtual leaders’ summit this week

The triple economic shock of COVID-19 and priorities for an emergency G20 leaders meeting
Every G20 Summit host is warned that all the careful planning can be overturned in an instant by a global crisis — trade wars and Ukraine struck Argentina, Syria’s war overshadowed Turkey’s summit, President Trump’s election and dismissal of climate change dominated the German G20. Saudi Arabia’s planned agenda is now being pushed aside to make room for an emergency G20 leaders’ meeting in the coming days to deal with the COVID-19 (coronavirus) pandemic.
Will China’s support for nations fighting Covid-19 improve its global image?
Beijing was widely criticised for mishandling the Sars outbreak, so why is it still being condemned for helping nations tackle the coronavirus pandemic?    One analyst says US officials are attacking China to shift attention away from the pressures they are under at home

The Doctor Who Helped Defeat Smallpox Explains What’s Coming
Epidemiologist Larry Brilliant, who warned of pandemic in 2006, says we can beat the novel coronavirus—but first, we need lots more testing.

The Tip of the Iceberg: Virologist David Ho (BS ’74) Speaks About COVID-19
As of March 20, more than 8,700 people worldwide had died of COVID-19, the disease caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Caltech trustee David Ho (BS ’74) of the Aaron Diamond AIDS Research Center, Columbia University, says that this is just the tip of the iceberg. Ho, an expert on viral epidemics, has spent decades researching HIV/AIDS, having begun his career in Los Angeles, “ground zero” of the first outbreak, in the early 1980s. On March 18, Ho sat down with members of the Caltech community to discuss the novel coronavirus and the future of our society in the light of this global pandemic.

Should China count recovered coronavirus patients who test positive again?
Hubei health official says the cases aren’t considered new but the people will be sent back to hospital for observation  Estimates vary but Guangdong says about 14 per cent of those discharged test positive again

Coronavirus: to save US lives, Trump must learn from China, not fight it
China bungled its initial response, but its experience in turning the tide against Covid-19 holds valuable lessons for other countries   Now is the time for Trump and Xi to forget tit-for-tat squabbles and pick up the telephone

Blunting the Impact and Hard Choices: Early Lessons from China
The impact of the coronavirus is having a profound and serious impact on the global economy and has sent policymakers looking for ways to respond. China’s experience so far shows that the right policies make a difference in fighting the disease and mitigating its impact—but some of these policies come with difficult economic tradeoffs.

Coronavirus: China, US urged to abandon cold war mentality to unite against ‘common enemy of human beings’
The pandemic has re-escalated tensions that appeared to have cooled somewhat after the signing of the phase one trade deal in mid-January      Officials from both sides, including US President Donald Trump, have been involved in a war of words in recent weeks

What Good Is Chinese Soft Power?
Silencing whistleblowers, spreading propaganda, and threatening to withhold medications from the West are not ‘soft power.’

Coronavirus: Hong Kong may order pubs and bars to close in fight against pandemic, as government warns businesses to prepare for ‘extreme circumstances’
Cases in the city have been directly linked to party hotspot Lan Kwai Fong    Top government adviser says authorities are considering shutdown but rejects calls to close borders to all foreign visitors

With the coronavirus beginning to exact its economic cost, Hong Kong must brace itself for a tide of woe
Unemployment and bankruptcy figures are beginning to hint at the ravages of the economic damage. Financial Secretary Paul Chan may have to dip further into the city’s massive fiscal reserves to provide a safety net

COVID-19: Cases rise to 415; most of India under lockdown
Gujarat, Bihar and Maharashtra reported a death each on Sunday. Four fatalities were reported earlier from Karnataka, Delhi, Maharashtra and Punjab, the ministry said. The 415 figure also includes 24 people who have been cured, discharged or migrated

In biggest market crash ever, Sensex collapses about 4,000 points in a day
Financial stocks led the rout today as coronavirus cases continued to rise HDFC Bank slumped 13%, ICICI Bank 18%, IndusInd Bank 23%, Bajaj Finance 24% and Axis Bank 28%.

Chinese Scientists One Step Closer to ‘Universal Blood Cells’
Researchers have developed a hydrogel material that can coat blood cells and mask their antigens, potentially paving the way for people with rare blood types to receive non-matching blood.

China’s US$4.6 billion overseas study tour market halted by coronavirus
Education tourism is hugely popular among wealthier families, but health concerns, travel restrictions and uncertainty about school holidays mean that this year most youngsters will be staying at home    Shanghai-based Only Education says it helped 1,000 children study overseas in 2019, but this year the figure could be zero

Xi Jinping’s global ambitions undented
The Covid-19 outbreak has not dented President Xi Jinping’s ambitions for the great rejuvenation of China. It has, however, amplified China’s risks, even as the Chinese Communist Party claims that the country’s response was successful and validates its political system. Xi Jinping’s political dominance, the end of collective leadership, and rise of the CCP’s role in all aspects of society and economy leave him particularly vulnerable should China fail to contain fall-out from the epidemic and expand the economy. Alternatively, should the party continue to prove its resilience and ability to suppress dissent, manage public perception and oversee an economy increasingly dominated by the state, Xi Jinping stands to gain domestically.

Forming Companies in China: China’s Foreign Investment Information Reporting System Is Not Making Things Easier
As part of the supporting regulations relating to the Foreign Investment Law (FIL), China’s Ministry of Commerce (MOFCOM) and State Administration for Market Regulation (SAMR) issued the Measures for Foreign Investment Information Reporting (the “Reporting Measures”). Under the FIL and the Reporting Measures, all foreign investors or foreign invested enterprises (FIEs) must report to MOFCOM information related to any foreign investment via the Enterprise Registration System and the Enterprise Credit Information Publicity System.

Alain Gillard
Information Officer
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