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News from China
Coronavirus-hit Hubei's new confirmed cases continue to drop
12th February 2020

 Central China's Hubei Province, center of the novel coronavirus outbreak, reported 1,638 new confirmed cases and 94 new deaths on Tuesday, local health authorities said Wednesday.

 
The latest figure continued the downward trend of the province's new confirmed cases, down from the 2,097 recorded on Monday. It is also the lowest figure in 11 days since Jan. 31 when Hubei registered 1,347 new confirmed cases.
 
The Hubei Provincial Health Commission also said 6,756 suspected cases of infection were ruled out on Tuesday after testing, as the province speeds up the diagnosis of suspected cases.
 
The provincial capital Wuhan reported 1,104 new infections and 72 new deaths, and the cities of Xiaogan, Ezhou and Huanggang reported 109, 71 and 66 new confirmed cases, respectively, according to the commission.
 
The province also saw 417 patients discharged from the hospital after recovery on Tuesday, bringing the total to 2,639 patients by Tuesday.
 
Hubei had 33,366 confirmed cases of the novel coronavirus infection by Tuesday, with 1,068 deaths and 7,241 cases still in severe or critical conditions. The mortality rate is calculated at 3.2 percent.
 
In breakdown, the total number of confirmed cases in Wuhan reached 19,558, followed by 2,751 in Xiaogan and 2,398 in Huanggang.
Source: Shanghai Daily, February 12, 2020
China's central bank injects 100b yuan into market
11th February 2020

 China's central bank pumped 100 billion yuan (US$14.3 billion) into the financial system via reverse repos on Tuesday.

 
The People's Bank of China injected the fund through seven-day reverse repos at an interest rate of 2.4 percent.
 
The move aims to offset the impact of reverse repos maturing and to keep liquidity in the banking system at a reasonably sufficient level, according to a statement on the website of the central bank.
 
Meanwhile, 380 billion yuan of reverse repos matured Tuesday, resulting in a net withdrawal of 280 billion yuan from the market.
 
A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.
Source: Shanghai Daily,February 11, 2020
China's producer prices up 0.1% in January
10th February 2020

 China's producer price index which measures costs for goods at the factory gate, rose 0.1 percent year on year in January, the National Bureau of Statistics said Monday.

 
The slight increase last month was the first year-on-year increase in eight months, the NBS data showed.
 
On a month-on-month basis, the PPI remained flat for the second month in a row, according to the NBS.
 
Factory prices of capital goods decreased 0.4 percent year on year in January, shrinking from the 1.2 percent decline in December.
 
Seventeen of the 40 surveyed industries saw price hikes month on month, while 18 reported price drops and five witnessed unchanged prices.
 
Among major industries, oil and natural gas extraction saw faster price increase in January, with prices up 17.5 percent year on year, expanding by 11.7 percentage points.
 
Prices for non-ferrous metal mining and dressing edged up 2.4 percent year on year, while ferrous metal mining and dressing went up 0.7 percent over one year ago in January.
 
NBS senior statistician Dong Lijuan said the 0.1 percent year-on-year gain in January was the carry-over effect of last year's price movements.
 
Monday's data also showed China's consumer price index, a main gauge of inflation, rose 5.4 percent year on year in January.
Source: Shanghai Daily, February 10, 2020
China unveils tax policies to aid epidemic control
7th February 2020

 China has unveiled a raft of tax policies to reduce financial burdens on some sectors and support the country's fight against the novel coronavirus epidemic.

 
For firms in the transportation, catering, accommodation and tourism sectors, their losses logged in 2020 can be carried over to an extended maximum period of eight years, the country's finance ministry and taxation watchdog said in a statement.
 
People working in the transportation, life service and daily necessities delivery service sectors will be exempted from the value-added tax.
 
The government also specified preferential tax policies regarding donations and subsidies for people participating in the epidemic control.
 
Airlines' payment to the government's civil aviation development fund is also waived, according to the new policy.
 
The specific tax policies took effect on January 1, 2020, and the expiration date will be decided later based on the epidemic situation, according to the statement.
Source: Shanghai Daily, February 8, 2020

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