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Wessex FM – News – Coronavirus: China is trying to get back to work to heal the sick economy
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2:28 p.m. March 7, 2020.
(Updated at 5:09 p.m. March 7, 2020)
The workshop of the world is trying to get back to work.
But not only does China have to make up for lost time – a month for most companies – but it is still subject to coronavirus restrictions.
To bring her employees back to the factory, Kate Wong, general manager of RELX vape company, paid them 20% more. They are still two weeks away from full capacity.
Speaking to Sky News, she said that due to coronavirus: "The production side has had a lot of impact.
"Production has been delayed by 15 days. The reason is that workers have to stay at home for quarantine to come to the factory."
Some of the RELX providers are located in Hubei Province – the epicenter of the epidemic – and therefore had to find new sources. Despite this, Ms. Wang remains optimistic.
She said, "We think the recovery is going to be strong. I think we can catch up, but we are definitely a month behind our original forecast."
The weeks spent on foreclosure have strangled the economy in China. The country recently released its latest Manufacturing Purchasing Managers' Index (PMI) – a measure showing the direction in which the economy is headed.
A reading above 50 on the index represents growth, while anything below it is a contraction.
It went from 50 in January to just 35.7 a month later – even worse than the previous low recorded during the 2008 financial crisis.
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Other measures are also down, the Ministry of Transport said on Saturday that the volume of passengers on roads, railways and trains fell by almost 80% in February.
As a result, China faces a difficult balance between restarting the economy and limiting the spread of COVID-19.
Getting people back to work or easing the burdensome and pervasive restrictions could lead to a second wave of virus that seems to be decreasing here.
State media highlighted this week the fact that President Xi Jinping chaired a business meeting on the state of the economy during the coronavirus, which marked a rare economic intervention.
The government is so eager to show that business is returning to normal that it has invited Sky News to visit two sites in Beijing – a milk factory and a power plant.
The propaganda message was clear: businesses are productive while taking precautions.
Sun Li Feng, the director of the Hua Dian Power Plant, said, "We are confident to keep our staff healthy and provide enough electricity for our company."
But even propaganda can be revealing. The government wanted to show journalists that the economy was going well. But the fact that they had to demonstrate it betrayed their anxiety.
Others, especially in the private service sector, are struggling.
Zou, who runs a communications company in Beijing with 11 employees, said: "As a service provider, this virus has had a devastating impact.
"That is to say, if customers don't give us commissions, we will have no financial source or income."
When the epidemic started, Mr. Zou chose not to renew the lease on his office and asked his employees to work from home. If the pressure continues, he will lay off staff and consider bank loans.
"If this does not improve by April, my business will face financial and economic problems," he said.
"Small businesses cannot cope with the lack of business for six months because it means that we will certainly cope with our death."
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