Although the novel coronavirus outbreak is to have a temporary negative impact on the world's second-largest economy, Chinese companies have never given up hope of finding a way out of this dilemma and strengthening their immunity to the fallout. Since the contagion coincided with the Spring Festival holiday, various industries in China, including catering, retail, manufacturing and tourism have been heavily impacted.
Hotels, restaurants, shopping malls and tourist sites which should have been in full swing at this moment are actually quiet and empty. As more and more workers have gone back to work since the extended holiday ended, domestic firms are racing to cut losses through their own efforts with the help of the government. Zhang Liqing is the owner of a restaurant that serves Chinese Huaiyang cuisine in east China's Jiangsu Province.
"People used to stand in a long line to wait for a table, especially during the Spring Festival. This year, however, we have already lost about 1 million yuan (about 143,000 US dollars) due to the shutdown of the restaurant since the first day of the Lunar New Year," Zhang said. Although the owner does not know when he can reopen his restaurant, he said he has to do something. "I'm training my employees online and also learning new business models such as take-out food and non-contact orders. I think these measures will help me resist the damage of the epidemic in the future," Zhang said.
Due to the huge demand for medical materials during the outbreak, masks and protective outfits, in particular, some Chinese enterprises have accelerated their adjustment of production structure. In the city of Wuxi, Jiangsu Hongdou Industrial Co., Ltd., a clothing maker, has pitched in. "We transformed a factory into a workshop for disposable medical protective clothing and upgraded technologies to produce such products," said Gu Jinlong, executive vice president of the company.
The company completed its first general protective suit on Feb. 3 and its daily output has now increased to about 40,000 pieces. It is now waiting for the permission of the government to produce medical protective suits. Shi Yun, 29, living in the city of Nanjing, found a new way to kill time since residents are suggested to stay home to avoid virus infections. She found that many shopping malls in Nanjing displaying their new products, including the latest collections of clothes online through group chats on WeChat or other apps. "It feels like virtual window shopping," said Shi, who only needs to browse on her computer or mobile phone, instead of in a mall. In order to pull through, brick and mortar retailers have been forced to run their businesses through social media platforms.
According to He Huan, a manager at Deji Plaza, a Nanjing-based shopping mall complex selling luxury goods, the mall has set up various group chats based on commodity categories and even launched an online shopping app to cater to customers. "So far, sales for cosmetics and fashion brands are satisfactory. We are willing to keep improving our online services," He said. Didano Technology Co., Ltd., located in southwest China's Sichuan Province, specializes in robotics for children's health. Their customers were mainly kindergartens and preschool education institutions. But the outbreak brought the company some new ideas. The company has advanced technologies and turned their robotics products into infrared temperature measuring robots.
"The new robots, which can check people's temperature rapidly and accurately, can be used in hospitals, companies, schools, factories and other public venues with huge people flows," said Xu Bo, CEO of the company, adding they have sold 71 such robots in three days to local hospitals and companies, and they have started to presell and produce 300 such robots. Sun Jian, general manager of Frimec (Jiangsu) Environmental Technology Co., is very optimistic. His company focuses on air-cleaning facilities.
"After the epidemic, the demand for air purification in China will soar. The impact of the epidemic won't last long, and the demand for such products will rise sharply in the second quarter. We are making preparations for that," Sun added. While enterprises are racking their brains to strengthen their immunity against the outbreak, governments at all levels across China are also making efforts to give a helping hand. Molarray Biotechnology Co., a high-tech company located in Suzhou Industrial Park, Jiangsu, received timely help, a 5-million-yuan loan offered by a local bank, after the company reported financial problems as it was in full capacity to provide products in urgent need to curb the contagion. It only took about five days from the application to get the loan. The government of Suzhou, one of the manufacturing hubs in the country, rolled out various policies in early February including financial support and tax cuts to aid companies affected by the epidemic. For many small and medium-sized enterprises, rent during the epidemic is definitely a burden.
Fortunately, nearly 20 provincial-level regions across China have announced policies to cut or exempt rent. In the Shandong Province, the local government set up a special emergency unit and opened a round-the-clock hotline to answer requests from businesses and resolve their difficulties during the resumption of work. The State Grid Sichuan Electric Power Company has also introduced a series of measures to support local enterprises, including cutting electricity costs. China has stepped up targeted financing support for epidemic-stricken small and micro-enterprises. Banks have offered more credit loans to such firms, especially those in sectors hit hardest by the epidemic and in the Hubei Province.
Reported on February 16 2020 by Xinhua (China).
Cargo traffic between Russia and China is declining due to the coronavirus, but so far there are no systemic risks, Deputy Prime Minister, Presidential Envoy to the Far Eastern Federal District Yury Trutnev told reporters on Monday.
"We have closed border crossings, therefore, there is a decline [in cargo traffic], of...
Cargo traffic between Russia and China is declining due to the coronavirus, but so far there are no systemic risks, Deputy Prime Minister, Presidential Envoy to the Far Eastern Federal District Yury Trutnev told reporters on Monday.
"We have closed border crossings, therefore, there is a decline [in cargo traffic], of...
Russian enterprises are facing a shortage of Chinese-made components due to the outbreak of the novel coronavirus in the country, Industry and Trade Minister Denis Manturov told reporters on Monday, adding though that there are no severe problems with supplies.
"Indeed, there is such an issue, which is the result of...
Russian enterprises are facing a shortage of Chinese-made components due to the outbreak of the novel coronavirus in the country, Industry and Trade Minister Denis Manturov told reporters on Monday, adding though that there are no severe problems with supplies.
"Indeed, there is such an issue, which is the result of...
Russia and China continue negotiations on the ‘western route’ of gas supplies to China (Power of Siberia 2) contemplating deliveries of 30 bln cubic meters of gas per year and the parties are assessing prospects of laying the pipeline across Mongolia, Russian Energy Minister Alexander Novak said in his article...
Russia and China continue negotiations on the ‘western route’ of gas supplies to China (Power of Siberia 2) contemplating deliveries of 30 bln cubic meters of gas per year and the parties are assessing prospects of laying the pipeline across Mongolia, Russian Energy Minister Alexander Novak said in his article...
Kazakhstan has not been able to resume export of its oil to China through the pipeline system of the Kaztransoil national company yet.
“Today, all the country's oil refineries are under normal maintenance, and Russian oil is also being exported. Kazakhstan’s resources are not flowing in the direction of China,” the...
Kazakhstan has not been able to resume export of its oil to China through the pipeline system of the Kaztransoil national company yet.
“Today, all the country's oil refineries are under normal maintenance, and Russian oil is also being exported. Kazakhstan’s resources are not flowing in the direction of China,” the...
A freight train left China's central city Zhengzhou on Sunday, marking the resumption of Henan Province's exports to Belt and Road countries following the conclusion of the Spring Festival holiday amid the outbreak of the novel coronavirus.
The train's 41 containers weighing 615.8 tons contain goods such as mechanical and electrical...
A freight train left China's central city Zhengzhou on Sunday, marking the resumption of Henan Province's exports to Belt and Road countries following the conclusion of the Spring Festival holiday amid the outbreak of the novel coronavirus.
The train's 41 containers weighing 615.8 tons contain goods such as mechanical and electrical...
The coronavirus crisis in China dramatises how economically connected the world has become since the 1990s. The spread of the virus affects supply chains and just-in-time manufacturing, exports and imports in Asia, North America and Europe, underlining how reliant they are on China.
China is now the world’s second-largest importer...
The coronavirus crisis in China dramatises how economically connected the world has become since the 1990s. The spread of the virus affects supply chains and just-in-time manufacturing, exports and imports in Asia, North America and Europe, underlining how reliant they are on China.
China is now the world’s second-largest importer...
An Italian ban on flights to and from China has ruffled diplomatic ties with Beijing, less than a year after Rome had positioned itself for a privileged relationship by signing up to the Chinese Belt and Road infrastructure project.
Italy on Jan. 31 suspended flights to and from China, Hong...
An Italian ban on flights to and from China has ruffled diplomatic ties with Beijing, less than a year after Rome had positioned itself for a privileged relationship by signing up to the Chinese Belt and Road infrastructure project.
Italy on Jan. 31 suspended flights to and from China, Hong Kong, Macau and...
Chinese State Councilor and Foreign Minister Wang Yi co-chaired the fifth round of China-Germany strategic dialogue on diplomacy and security with German Foreign Minister Heiko Maas here on Thursday.
In a world full of risks and challenges, China and Germany, as two countries of great influence, should strengthen strategic communication, mutual...
Chinese State Councilor and Foreign Minister Wang Yi co-chaired the fifth round of China-Germany strategic dialogue on diplomacy and security with German Foreign Minister Heiko Maas here on Thursday.
In a world full of risks and challenges, China and Germany, as two countries of great influence, should strengthen strategic communication, mutual...
The death toll from the new coronavirus outbreak surpassed 1,600 in China on Sunday, with the first fatality reported outside Asia fuelling global concerns.
More than 69,000 people have now been infected in China from a virus that emerged in central Hubei province in December before spreading across the country and...
The death toll from the new coronavirus outbreak surpassed 1,600 in China on Sunday, with the first fatality reported outside Asia fuelling global concerns.
More than 69,000 people have now been infected in China from a virus that emerged in central Hubei province in December before spreading across the country and...
The novel coronavirus will cause a drop in China's first quarter economic growth, but the impact can be controlled, with the GDP growth rate expected to stay above 5 percent in the first quarter of 2020. The country's economic growth rate is likely to remain robust at 6 percent for...
The novel coronavirus will cause a drop in China's first quarter economic growth, but the impact can be controlled, with the GDP growth rate expected to stay above 5 percent in the first quarter of 2020. The country's economic growth rate is likely to remain robust at 6 percent for...
Amid the outbreak of the coronavirus that weighed on the operation of thousands of trading companies, the Chinese customs have issued a batch of measures on Sunday, which include expanding the imports of agricultural products and food as well as simplifying the approval process of imported medical supplies to stabilise...
Amid the outbreak of the coronavirus that weighed on the operation of thousands of trading companies, the Chinese customs have issued a batch of measures on Sunday, which include expanding the imports of agricultural products and food as well as simplifying the approval process of imported medical supplies to stabilise...
Over 80 percent of China's centrally-administered State-owned enterprises have resumed production as of Wednesday, as part of China's drive to fight the novel coronavirus outbreak while maintaining economic stability, a senior official said.
Zhao Shitang, deputy secretary-general of the State-owned Assets Supervision and Administration Commission of the State Council, said in...
Over 80 percent of China's centrally-administered State-owned enterprises have resumed production as of Wednesday, as part of China's drive to fight the novel coronavirus outbreak while maintaining economic stability, a senior official said.
Zhao Shitang, deputy secretary-general of the State-owned Assets Supervision and Administration Commission of the State Council, said in...
China's air transport market registered negative growth in January due to the impact of the novel coronavirus outbreak, a civil aviation official said Wednesday.
In January, the air transport turnover totaled 10.1 billion ton-km, down 4.9 percent year-on-year, said Xiong Jie, a spokesperson with the Civil Aviation Administration of China.
Around 50.6...
China's air transport market registered negative growth in January due to the impact of the novel coronavirus outbreak, a civil aviation official said Wednesday.
In January, the air transport turnover totaled 10.1 billion ton-km, down 4.9 percent year-on-year, said Xiong Jie, a spokesperson with the Civil Aviation Administration of China.
Around 50.6...
China will continue to strengthen the supply of farm produce to cope with the shortage caused by the novel coronavirus outbreak, according to a circular issued by the State Council.
Local authorities should be responsible for strengthening the production, transportation and quality control of vegetables, meat, eggs and milk, grain and...
China will continue to strengthen the supply of farm produce to cope with the shortage caused by the novel coronavirus outbreak, according to a circular issued by the State Council.
Local authorities should be responsible for strengthening the production, transportation and quality control of vegetables, meat, eggs and milk, grain and...
China stocks closed higher for a fifth straight session on Monday as workers trickled back to offices and factories after the government eased some restrictions on working, while hopes of steps by Beijing to support its economy also aided sentiment. The Shanghai Composite index closed 0.5% higher at 2,890.49. The...
China stocks closed higher for a fifth straight session on Monday as workers trickled back to offices and factories after the government eased some restrictions on working, while hopes of steps by Beijing to support its economy also aided sentiment. The Shanghai Composite index closed 0.5% higher at 2,890.49. The...
China's year-on-year growth in consumer price index rose to 5.4 percent last month, as the Lunar New Year holiday pushed up food demand while the novel coronavirus pneumonia outbreak delayed supply, official data said on Monday.
The CPI, a main gauge for inflation, rose by 5.4 percent year-on-year in January, versus...
China's year-on-year growth in consumer price index rose to 5.4 percent last month, as the Lunar New Year holiday pushed up food demand while the novel coronavirus pneumonia outbreak delayed supply, official data said on Monday.
The CPI, a main gauge for inflation, rose by 5.4 percent year-on-year in January, versus...
China's competitive advantage in attracting foreign investment will not be changed by the novel coronavirus epidemic, the Ministry of Commerce said.
To minimize the impact caused by the epidemic outbreak, the ministry will work with other government branches to offer timely service to foreign-funded enterprises and assist them to better respond...
China's competitive advantage in attracting foreign investment will not be changed by the novel coronavirus epidemic, the Ministry of Commerce said.
To minimize the impact caused by the epidemic outbreak, the ministry will work with other government branches to offer timely service to foreign-funded enterprises and assist them to better respond...
China will help foreign companies resume production, and ensure service for major projects invested by global firms to enhance the country's ability to attract foreign investment, according to the Ministry of Commerce.
Eager to protect their interests and help cut losses caused by the novel coronavirus pneumonia epidemic in the country,...
China will help foreign companies resume production, and ensure service for major projects invested by global firms to enhance the country's ability to attract foreign investment, according to the Ministry of Commerce.
Eager to protect their interests and help cut losses caused by the novel coronavirus pneumonia epidemic in the country,...
China is further upgrading the measures to promote production recovery after the extended Lunar New Year holiday in light of the novel coronavirus outbreak, with experts expecting stronger financial stimulus to hedge downward risks.
"The novel coronavirus epidemic has affected the macroeconomy, and part of the service sector has been hit...
China is further upgrading the measures to promote production recovery after the extended Lunar New Year holiday in light of the novel coronavirus outbreak, with experts expecting stronger financial stimulus to hedge downward risks.
"The novel coronavirus epidemic has affected the macroeconomy, and part of the service sector has been hit...
China’s recent financial market performance indicated that investors widely believe that impacts of the novel coronavirus outbreak will be temporary and will not hurt the solid fundamentals of the Chinese economy, said a central bank official on Friday.
"Next, we will keep watching the developments of the epidemic, strengthen financial market...
China’s recent financial market performance indicated that investors widely believe that impacts of the novel coronavirus outbreak will be temporary and will not hurt the solid fundamentals of the Chinese economy, said a central bank official on Friday.
"Next, we will keep watching the developments of the epidemic, strengthen financial market...
China has set up a green channel for payment and clearing businesses to ensure the timely transfer of money amid the fight against the novel coronavirus outbreak, a central bank official said Saturday.
During the Jan. 24-Feb. 14 period, a total of 393,500 payment transactions were handled through the high-value and...
China has set up a green channel for payment and clearing businesses to ensure the timely transfer of money amid the fight against the novel coronavirus outbreak, a central bank official said Saturday.
During the Jan. 24-Feb. 14 period, a total of 393,500 payment transactions were handled through the high-value and...
On the boxes of masks donated by a Japanese institution to China in its fight against the novel coronavirus, a Chinese-language verse was written, "Although we are in different places, we are under the same sky."
The sentence, from an ancient poem depicting the long-lasting friendship between China and Japan, has...
On the boxes of masks donated by a Japanese institution to China in its fight against the novel coronavirus, a Chinese-language verse was written, "Although we are in different places, we are under the same sky."
The sentence, from an ancient poem depicting the long-lasting friendship between China and Japan, has...
Driven by the Belt and Road Initiative, Asia became the most popular overseas mergers and acquisitions (M&A) destination for Chinese enterprises last year, a report by the global consulting firm Ernst & Young said.
Chinese firms made M&A deals worth US$22.3 billion in Asia last year, up 19.1 percent year on...
Driven by the Belt and Road Initiative, Asia became the most popular overseas mergers and acquisitions (M&A) destination for Chinese enterprises last year, a report by the global consulting firm Ernst & Young said.
Chinese firms made M&A deals worth US$22.3 billion in Asia last year, up 19.1 percent year on...
China’s path to economic dominance in the 21st century runs directly through the Middle East, with Beijing banking on forging multibillion-dollar partnerships with Iraq, Pakistan and even war-torn Syria to provide fuel in its quest to supplant the U.S. as the world’s top power.
Iraq’s...
China’s path to economic dominance in the 21st century runs directly through the Middle East, with Beijing banking on forging multibillion-dollar partnerships with Iraq, Pakistan and even war-torn Syria to provide fuel in its quest to supplant the U.S. as the world’s top power.
Iraq’s unexpected announcement last fall that it intends to join Beijing’s massive Belt and...
Americans for Free Trade, a coalition of more than 150 industry associations, has urged the Trump administration to remove all additional tariffs, as the China-US phase-one economic and trade agreement takes effect on Friday.
"It's encouraging to see some of the Phase One Deal come to fruition. American businesses, farmers, consumers,...
Americans for Free Trade, a coalition of more than 150 industry associations, has urged the Trump administration to remove all additional tariffs, as the China-US phase-one economic and trade agreement takes effect on Friday.
"It's encouraging to see some of the Phase One Deal come to fruition. American businesses, farmers, consumers,...
Tech firms that receive support from Beijing serve as instruments of Chinese intelligence, US Secretary of State Mike Pompeo has alleged, in the latest verbal volley aimed at Huawei and other Chinese companies.
“Huawei and other Chinese state-backed tech companies are Trojan horses for Chinese intelligence,” Pompeo said in a speech at...
Tech firms that receive support from Beijing serve as instruments of Chinese intelligence, US Secretary of State Mike Pompeo has alleged, in the latest verbal volley aimed at Huawei and other Chinese companies.
“Huawei and other Chinese state-backed tech companies are Trojan horses for Chinese intelligence,” Pompeo said in a speech at...
The dollar hit a four-month high against the euro on Monday as concerns about the coronavirus boosted demand for safe havens, while a bullish outlook for the U.S. economy and weak data in the eurozone made the greenback relatively more attractive than the single currency.
People across China trickled back to...
The dollar hit a four-month high against the euro on Monday as concerns about the coronavirus boosted demand for safe havens, while a bullish outlook for the U.S. economy and weak data in the eurozone made the greenback relatively more attractive than the single currency.
People across China trickled back to...
Oil prices dipped on Monday on weaker Chinese oil demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.
Oil has dropped more than 20% from a peak in January after the spreading virus hit demand...
Oil prices dipped on Monday on weaker Chinese oil demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.
Oil has dropped more than 20% from a peak in January after the spreading virus hit demand...
British wholesale gas prices fell on Monday morning as continued high winds across the country led to expectations of strong wind power output and fears of weaker Chinese LNG demand due to the coronavirus weighed on prices.
The within-day contract was down 0.75 pence at 22.00 p/therm by 0926 GMT.
The day-ahead...
British wholesale gas prices fell on Monday morning as continued high winds across the country led to expectations of strong wind power output and fears of weaker Chinese LNG demand due to the coronavirus weighed on prices.
The within-day contract was down 0.75 pence at 22.00 p/therm by 0926 GMT.
The day-ahead...
Gold rose to a near one-week high on Monday as mounting concerns about the impact from China's coronavirus lifted the appeal of safe-haven assets, after the number of casualties exceeded 900. Spot gold rose 0.2% to $1,572.86 per ounce by 1053 GMT, having hit its highest since Feb. 4 at...
Gold rose to a near one-week high on Monday as mounting concerns about the impact from China's coronavirus lifted the appeal of safe-haven assets, after the number of casualties exceeded 900. Spot gold rose 0.2% to $1,572.86 per ounce by 1053 GMT, having hit its highest since Feb. 4 at...
London base metals advanced on Monday on fears of a supply shortage in China, a major producer of base metals, where a coronavirus outbreak has killed over 900 people and threatened to disrupt the global supply chain.
Three-month copper on the London Metal Exchange (LME) rose 0.6% to $5,693.50 a tonne...
London base metals advanced on Monday on fears of a supply shortage in China, a major producer of base metals, where a coronavirus outbreak has killed over 900 people and threatened to disrupt the global supply chain.
Three-month copper on the London Metal Exchange (LME) rose 0.6% to $5,693.50 a tonne...
U.S. soybean futures rose for a sixth straight session on Monday on expectations that Beijing will meet the purchasing targets agreed in the Phase 1 trade deal with Washington, although concerns about a coronavirus outbreak in China capped gains.
The most active soybean futures contract on the Chicago Board Of Trade...
U.S. soybean futures rose for a sixth straight session on Monday on expectations that Beijing will meet the purchasing targets agreed in the Phase 1 trade deal with Washington, although concerns about a coronavirus outbreak in China capped gains.
The most active soybean futures contract on the Chicago Board Of Trade...
The euro bounced against the greenback on Friday as U.S. stocks declined from record highs, though concerns about growth in the eurozone are expected to keep weighing on the single currency.
Anxiety about the impact of the coronavirus on the European economy this week helped send the euro to its lowest...
The euro bounced against the greenback on Friday as U.S. stocks declined from record highs, though concerns about growth in the eurozone are expected to keep weighing on the single currency.
Anxiety about the impact of the coronavirus on the European economy this week helped send the euro to its lowest...
Oil prices rose on Friday, on track for their first weekly gain since early January as investors bet the economic impact of the coronavirus would be short-lived and hoped for further Chinese central bank stimulus to tackle any slowdown.
Brent crude rose 50 cents, or 0.9%, to $56.84 a barrel by...
Oil prices rose on Friday, on track for their first weekly gain since early January as investors bet the economic impact of the coronavirus would be short-lived and hoped for further Chinese central bank stimulus to tackle any slowdown.
Brent crude rose 50 cents, or 0.9%, to $56.84 a barrel by...
Prompt British wholesale gas prices fell early on Friday as Storm Dennis was forecast to bring strong winds and boost output from the country’s wind farms.
The within-day contract was down 0.80 pence at 20.70 p/therm by 0858 GMT.
The day-ahead contract was down 0.70 pence at 20.50 p/therm.
Traders said high winds...
Prompt British wholesale gas prices fell early on Friday as Storm Dennis was forecast to bring strong winds and boost output from the country’s wind farms.
The within-day contract was down 0.80 pence at 20.70 p/therm by 0858 GMT.
The day-ahead contract was down 0.70 pence at 20.50 p/therm.
Traders said high winds...
Gold prices rose to the highest level in more than a week on Friday, on track for a weekly gain, as investors bet on the safe-haven metal to hedge against the economic impact of the coronavirus outbreak.
Spot gold rose 0.5% to $1,583.18 per ounce by 1:43 p.m. EST (1843 GMT),...
Gold prices rose to the highest level in more than a week on Friday, on track for a weekly gain, as investors bet on the safe-haven metal to hedge against the economic impact of the coronavirus outbreak.
Spot gold rose 0.5% to $1,583.18 per ounce by 1:43 p.m. EST (1843 GMT),...
Copper edged lower on Friday but was on track for a second week of gains as investors decided a plunge in prices triggered by an outbreak of coronavirus in China may have been overdone.
Some are betting the economic impact of the outbreak will be brief and damage to metals demand...
Copper edged lower on Friday but was on track for a second week of gains as investors decided a plunge in prices triggered by an outbreak of coronavirus in China may have been overdone.
Some are betting the economic impact of the outbreak will be brief and damage to metals demand...
Euronext wheat futures rose on Friday as continued weakness in the euro added to export optimism in Europe after a recent flurry of overseas sales.
A slight rise in Chicago wheat, which was recovering from a two-month low earlier in the week, also supported European prices.
Front-month March milling wheat on Paris-based...
Euronext wheat futures rose on Friday as continued weakness in the euro added to export optimism in Europe after a recent flurry of overseas sales.
A slight rise in Chicago wheat, which was recovering from a two-month low earlier in the week, also supported European prices.
Front-month March milling wheat on Paris-based...
Chicago soybean futures edged higher on Friday to stay on course for a second week of gains on expectations that China will step up purchases of U.S. crop.
Corn and wheat also ticked up but were heading for a weekly fall as large global supplies offset support from steady export demand.
Grain...
Chicago soybean futures edged higher on Friday to stay on course for a second week of gains on expectations that China will step up purchases of U.S. crop.
Corn and wheat also ticked up but were heading for a weekly fall as large global supplies offset support from steady export demand.
Grain...
