China’s NDRC: Economic impact from virus outbreak will be short-term

Dhwani Mehta FXStreet

Lian, Vice Head at China’s National Reforms and Development Commission, the country’s state planner, came out on the wires in the last minutes, announcing additional measures to help combat the negative economic impact of the rapidly-spreading coronavirus.

Government has told medical face mask manufacturers to expand capacity, excess supply will be bought back as govt reserves

Arranged for 10,000 tonnes of frozen pork to be released to Wuhan whenever necessary

There is increasing downward economic impact due to virus outbreak, especially for consumption.

Economic impact from virus outbreak will be short-term.

Fully capable and confident of minimising economic impact from the virus outbreak.

Will make and introduce hedging policies to offset economic impact, help most vulnerable companies.

Separately, China’s Commerce Ministry Official said that they are guiding medium and small businesses to reopen as soon as possible to increase basic services such as food and shopping.

Many exports companies are swiftly recovering manufacturing capacity and local govts are rolling out targeted measures to help exports, the official added.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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