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News from China
Xi, Putin discuss strengthening cooperation on fighting COVID-19 by phone
20th March 2020

 Chinese President Xi Jinping said on Thursday that China stands ready to work with all other countries to step up international cooperation against the COVID-19 epidemic and safeguard global public health security.

In a phone conversation in the night with his Russian counterpart, Vladimir Putin, Xi pointed out that the novel coronavirus disease broke out ferociously, and China had to rise up to the challenge and respond to it bravely.
That is because it concerns not only the lives and health of the Chinese people, but also the public health security of the whole world, added the Chinese president.
Thanks to arduous efforts, the situation of epidemic prevention and control in China continues to improve, with the order of production and life being restored at an increasing pace, Xi said.
China, said the president, has the confidence, capacity and certainty to achieve the ultimate victory over the epidemic.
He added that China is willing to make concerted efforts with Russia and all other countries to tackle common threats and challenges and safeguard global public health security.
He called for closer international cooperation in epidemic prevention and control, experience sharing on containment and treatment, and facilitation of joint research.
Xi stressed that at the special moment when both countries are fighting against the epidemic, China and Russia have been supporting each other and cooperating closely, which has demonstrated the high level of China-Russia relations in the new era.
Bilateral cooperation enjoys a solid foundation and a strong endogenous driving force, Xi said, suggesting that the two sides take the Year of Scientific and Technological Innovation between China and Russia as an opportunity to push for more cooperation fruits in various fields.
China, he said, firmly supports the important moves taken by Russia to achieve lasting peace and stability in the country, and is confident that under Putin's leadership, the Russian people will continue to forge ahead in unity and make new achievements along the development path that suits their country's national conditions.
For his part, Putin said that the remarkably effective measures taken by the Chinese government has not only contained the epidemic's spread inside China but also made important contributions to safeguarding the health of people in other countries.
Russia highly appreciates and is pleased with China's efforts, he said, adding that China has set a good example for the international community by lending a helping hand to other epidemic-hit countries in a timely manner.
What China has done represents a resounding answer to the provocation and stigmatization by a certain country over the COVID-19 epidemic, said the Russian president.
Russia, he added, hopes to work with China to carry on mutual support and close cooperation in combating the epidemic, and continuously deepen the Russia-China comprehensive strategic partnership of coordination.
Source: Shanghai Daily, March 20, 2020
ECB launches US$820b 'pandemic emergency' bond-buying scheme
19th March 2020

 The European Central Bank on Wednesday announced a surprise 750-billion-euro (US$820-billion) scheme to purchase government and corporate bonds, as it joined other central banks in stepping up efforts to contain the economic damage from the coronavirus.

The so-called Pandemic Emergency Purchase Program comes just six days after the ECB unveiled a big-bank stimulus package that failed to calm nervous markets, piling pressure on the bank to open the financial floodgates.
The US$820-billion asset purchasing scheme will be temporary and be concluded once the bank "judges that the coronavirus COVID-19 crisis phase is over, but in any case not before the end of the year," it said in statement.
The decision came after the bank's 25-member governing council held emergency talks by phone late into the evening.
The ECB said it was "committed to playing its role in supporting all citizens of the euro area through this extremely challenging time."
"The governing council will do everything necessary within its mandate," it said, adding that the size of the asset purchases could be increased if needed.
It also said it stood ready to relax some self-imposed restrictions on bond purchases to potentially help countries like Italy whose bond yields have soared over the coronavirus panic.
Critics had in recent days slammed the ECB for not doing enough to support the eurozone compared to the drastic action taken by the US Federal Reserve.
But the immediate reaction from analysts was positive.
The ECB's latest medicine could be "a game changer for the euro area economy and credit markets" if it was accompanied by fiscal action from eurozone governments, Pictet Wealth Management strategist Frederik Ducrozet said.
Source: Shanghai Daily, March 19, 2020
China's Hubei reports single-digit new infections of COVID-19 for five days
16th March 2020

 Central China's Hubei Province reported four new confirmed cases of the novel coronavirus disease (COVID-19) and 14 deaths Sunday, the provincial health commission said Monday.

All of the newly confirmed cases were reported in Wuhan, the provincial capital and epicenter of the outbreak.
The latest report brought the total confirmed COVID-19 cases in the hard-hit province to 67,798.
As of Sunday, Hubei had seen no newly confirmed COVID-19 cases for 11 consecutive days in its 16 cities and prefectures outside Wuhan. The city of Wuhan has also seen single-digit daily increases for five days.
The province also saw 816 patients discharged from hospital after recovery on Sunday, bringing the total number of discharged patients in the province to 55,094.
Among the 8,703 hospitalized patients, 2,403 were still in severe condition and another 572 in critical condition.
The commission also said Hubei still had 18 suspected cases after ruling out two suspected cases but including two newly-added suspected cases Sunday.
Source: Shanghai Daily, March 16, 2020
Global COVID-19 pandemic's impact manageable for Chinese manufacturing: vice minister
13th March 2020

 The global spread of the novel coronavirus outbreak will have an impact on China's manufacturing sector but at a manageable level, said a vice minister of industry and information technology on Friday.

Given the trend of industrial globalization, the spread of COVID-19 contagions overseas such as in Europe and the United States will surely affect China's manufacturing sector, Xin Guobin, vice minister of the Ministry of Industry and Information Technology, told a press conference.
The level of the impact would be subject to how long the pandemic would last and the outcome of joint global response against the outbreak, he said, noting that the global transmission of the virus has gone beyond expectation.
But Xin said he believes the impact would be manageable, considering China's sound fundamentals of industrial development, massive domestic market and complete industrial chain.
The ministry will pay attention to the potential shock, strengthen communication with other governments and encourage production resumption to eliminate the economic impact of the COVID-19 outbreak, he said.
Source: Shanghai Daily, March 13, 2020

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