Coronavirus: China Shutdowns to Impact Economy, Says White House Economist Tomas Philipson

A police officer wears a mask as he walks in front of the Oriental Pearl Tower in Lujiazui financial district in Pudong Shanghai China February 5. — Reuters pic

A police officer wears a mask as he walks in front of the Oriental Pearl Tower in Lujiazui financial district in Pudong Shanghai China February 5. — Reuters pic

Chen Yulu, deputy governor of the People's Bank of China, said in an interview on Saturday that the novel coronavirus' impact on the country's economy will be "short-term and limited", CCTV reported, and that the Chinese financial system is extremely resilient to risks. Authorities have yet to pinpoint the source of infection.

The financial markets and global economic policymakers seem to be expecting that the coronavirus epidemic will soon be contained notwithstanding disturbing reports of its significant spread to other Asian countries like Japan, South Korea and Singapore. The World Health Organisation warned that the window of opportunity to contain the global spread was closing.

More if things change, but we're off to one heck of a bad start to the week.

State television quoted Communist Party rulers as saying the outbreak had not yet peaked, and more than 30 cases in a hospital in Beijing highlighted a sharp jump in the tally there.

"If we don't, if we squander the opportunity, then there will be a serious problem on our hands".

The total number of confirmed cases in mainland China rose to 76,288, with the death toll at 2,345 as of the end of Friday.

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The device is now available only in China but Huawei has confirmed it will arrive to some parts of Europe in the near future. He also said that the U.S. ban got into the way of the global rollout of the original Mate X which was their first foldable.

However Liu reiterated that the central bank is not going to resort to "flood-like" stimulus.

Some forecasters also say there is a growing risk the economy could contract in the first quarter from the previous three months, as factories have been slower to resume production than expected due to shortages of staff and raw materials.

The report advised African countries, most especially low- and middle- income countries, to lower economic exposure and increase resilience to the outbreak moving forward. "Global cooperation is essential for the containment of Covid-19 and its economic impact, particularly if the outbreak turns out to be more persistent and widespread", Georgieva said in The Guardian.

What is more noteworthy, a large number of Chinese tourists show their willingness to play New Zealand real money VIP casino games, when they are visiting the country. While more firms are reopening, the limited data available so far suggests manufacturing is still running at levels far below those in the same period past year, and disruptions are starting to spillover into global supply chains as far away as the United States. In addition, Brexit remains a major risk for Germany.

Roach, who is the former chairman of Morgan Stanley Asia, said that by continuing to emphasize the key structural transitions, including shifting the growth dynamic from exports and investment to internal private consumption, from manufacturing to services, from surplus saving to saving absorption in order to better fund the social safety net and spur discretionary consumer demand, and from imported to indigenous innovation, while at the same time remaining committed to the all-important deleveraging campaign, "the long-term prospects for the Chinese economy remain outstanding".

Another centre of infection has been the Diamond Princess cruise ship quarantined in Japan since February 3, with more than 630 cases accounting for the biggest cluster outside China.

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