Links for Wednesday, February 12, 2020 - SupChina
Free

We're a new type of news publication

China news you won't read elsewhere.

Weekly Newsletter

Get a roundup of the most important and interesting stories coming out of China.

Podcasts

Sinica, TechBuzz China, and our 6 other shows are the undisputed champs of China podcasts. Listen now.

Feature Articles

Interactive, web-based deep dives into the real China.

Premium

Join the thousands of executives, diplomats, and journalists that rely on SupChina for daily analysis of the full China story.

Daily Newsletter

All the news, every day. Premium analysis directly from our Editor-in-Chief Jeremy Goldkorn.

24/7 Slack Community

Have China-related questions and want answers? Our Slack community is a place to learn, network, and opine.

Free Live Events & More

Monthly live conference calls with leading experts, free entry to SupChina live events in cities around the world, and more.

"A jewel in the crown of China reporting. I go to it, look for it daily. Why? It adds so much insight into the real China. Essential news, culture, color. I find SupChina superior."
— Max Baucus, former U.S. Ambassador to China

Free

We're a new type of news publication

China news you won't read elsewhere.

Weekly Newsletter

Get a roundup of the most important and interesting stories coming out of China.

Podcasts

Sinica, TechBuzz China, and our 6 other shows are the undisputed champs of China podcasts. Listen now.

Feature Articles

Interactive, web-based deep dives into the real China.

OR… for more in-depth analysis and an online community of China-focused professionals:

Learn About Premium Access Now!
Learn More
Minimize
Learn More
Minimize

Links for Wednesday, February 12, 2020

BUSINESS AND TECHNOLOGY:

The People’s Bank of China has filed more than 80 patents related to its secretive plans to launch a digital currency, according to new research that shows the extent of Beijing’s ambitions to digitise the renminbi.

The trove of patents, seen and verified by the Financial Times, include proposals related to the issuance and supply of a central bank digital currency, a system for interbank settlements that uses the currency, and the integration of digital currency wallets into existing retail bank accounts.

Uncovered by the Chamber of Digital Commerce, their contents shed light on Beijing’s mounting efforts to digitise the renminbi, which has sparked alarm in the west and spurred central bankers around the world to begin exploring similar projects.

China’s provincial-level governments have been given the green light to issue a further 290 billion yuan ($41.6 billion) of special-purpose bonds (SPBs) early, adding to the 1 trillion yuan of such debt approved in November to boost infrastructure spending amid a slowing economy that’s set to take an additional hit from the coronavirus epidemic.

The Ministry of Finance announced (in Chinese) the additional quota on Tuesday as part of a second round of early allocations of local government debt that included a further 558 billion yuan ($80.04 billion) of general bonds.

The Chinese authorities have approved a broad strategy for trying to bring the coronavirus outbreak under control while restarting economic production, state news outlets reported Wednesday evening.

President Xí Jìnpíng 习近平 ordered that tax cuts be drafted and put into effect.

Premier Lǐ Kèqiáng 李克强, the country’s No. 2 official, and the country’s cabinet called for major construction projects to begin across the country as soon as possible.

State-owned enterprises were told to cut rents. Banks were ordered to keep interest rates low…

The two most powerful political bodies in China — the Standing Committee of the Communist Party Politburo and the government’s cabinet of ministers — each issued similar orders. Both groups produced hints of the fairly broad stimulus program that many economists expect soon.

None of the announcements directly addressed the difficult balancing act that China now faces: how to put more than 700 million workers back on the job without creating conditions that could allow the virus to spread.

Officials from the National Development and Reform Commission claim that, as of 10 February, essential industries such as food and energy supplies were running normally [in Chinese]. 

With the exception of enterprises in Hubei, which are scheduled to resume production on 14 February, about 95 percent of coal mines and food production enterprises had resumed production, while the resumption rate for enterprises producing face masks and protective clothing were 76 percent and 77 percent respectively, the commission said.

Mercedes-Benz recently requested the government to permit its suppliers to resume production in the northern Chinese port city of Tianjin, warning of a major hit to sales if the factory suspensions continue.

SCIENCE, HEALTH, AND THE ENVIRONMENT:

China didn’t release key genetic data on the coronavirus until about two weeks after it emerged that a new SARS-like illness may be sickening people, highlighting the need for outbreak detection systems to incorporate modern scientific tools.

Insufficient attention was paid to the information doctors had gathered about the genetic sequence of the novel coronavirus, scientists said in a commentary paper in the Lancet medical journal Tuesday…

“To be fair to the authorities, I think all national responses would do what the Chinese did,” said Lin Fa Wang, one of the four authors of the Lancet paper. “This is not a cover up or delay, this is all about policy and ‘rules of engagement’ for reporting. I hope people focus on the lessons learned.”

The world is in the dark about the epidemic’s real scale and speed, because existing tests have limited powers — and testing is far too spotty…

Today, there aren’t nearly enough test kits available to keep up with the skyrocketing case numbers, and some parts of the world may lack enough trained laboratory staff to apply them.

  • Gilead Sciences’ remdesivir was initially developed to fight the Ebola virus, and the company is working with Chinese health officials on a clinical trial.
  • The first coronavirus patient in the United States was treated with remdesivir in late January and his symptoms improved.

There’s no specific drug that can kill this virus. So doctors provide what’s known as supportive care…

The strategy of supportive care is to do whatever’s possible to keep vital organ systems functioning. That means monitoring vitals such as temperature, blood pressure and oxygen levels “and trying to keep those as normal as we can,” she says.

POLITICS AND CURRENT AFFAIRS:

  • Flyover was a message of support for Taipei and a warning to Beijing, according to analyst.
  • Two special mission aircraft flew from Okinawa base towards the South China Sea.

In May 2019, the FBI’s Foreign Influence Task Force quietly added a unit aimed at countering China’s political influence in the United States. In an exclusive interview, an FBI official reveals for the first time the bureau’s approach to countering China’s interference in local and state politics.

  • Excluded from the World Health Organisation on mainland China’s objections, Taipei said it dealt directly with organisation on outbreak.
  • Beijing and the WHO say they ensured Taiwan was kept up to date with virus developments.

China’s overseas operations, from power plants to railway constructions, are also not immune to what’s going on at home. According to a tally kept by the Chinese National Immigration Agency (NIA), 128 countries have installed border control measures [in Chinese] against Chinese citizens or people who have visited China.   

SOCIETY AND CULTURE:

Prosecutors in China have brought criminal charges against a 59-year-old man who strapped on firecrackers and doused himself with gasoline to defy a ban on public gatherings during a coronavirus epidemic, the Xinhua news agency said.

The resident of the southwestern city of Chongqing planned a birthday banquet for more than ten tables of guests on January 28, the state-run agency said on Wednesday, but local officials battling the outbreak asked him to cancel the plan.

International university students from China say they are transiting to third countries to wait out their quarantine period before flying to Australia to resume their classes.

The Department of Education, Skills and Employment issued advice earlier this week on how students “may” be able to get back to Australia via a third country and provided examples.

Share

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.