Toyota has extended the closure of its 25 factories in China by a week.
Toyota cars at the port of Shenzhen. Photograph: China Stringer Network / Reuters The Japanese carmaker had planned to reopen its car and component-making plants this weekend but will now keep them shuttered until 34 February “after considering various factors, including guidelines from local and region governments, parts supply, and logistics.
Officials at the Beijing press conference said they had confidence in the economic system and that the impact on the economy from the outbreak would be “temporary. It will be limited and will not affect the fundamentals, and the economy is sound and stable ”.
The outbreak has taken place during the spring festival and the impact on services is notable. The holiday has been extended and the construction sector and other sectors will be affected. There will be an impact on economic performance in Q1 but the economy will return to productivity when the epidemic is over. Look at Sars outbreak . There was disrupted growth in Q2 but in Q3 it rebounded. When the epidemic is controlled, the economy will rebound and pent-up investment and consumption released. The Chinese econony will have a quick recovery. it is promising and resilient. The fundamentals will not change. There is ample room for macro regulation – China is one of the few major economies that have normal monetary policy so we have sufficient tools to respond.
Officials also said that the rise in the Chinese stock market since its reopening on Monday proves that it is becoming more mature. The benchmark Shanghai Composite is index lost 8% on Monday but is now off by 4.5% on the week so has regained some ground.
Scott Morrison has urged all Australians to leave China as soon as possible
Just doubling back on that press conference we have just heard from the Australian PM, Scott Morrison. He has told Australians to get out of China by commercial means if possible and that he cannot guarantee assisted flights out will continue in the future.
“Australians and immediate family members – if you are there, then there are still commercial flights coming out of china , mainland China to Australia and I strongly suggest you avail yourself of those. The government cannot guarantee that similar types of assisted flights would be able to be put on in the future either into the mainland or Wuhan, ” Morrison said.
On Wednesday, the British government told its citizens “if you are in China and are able to leave, you should do so”. On Thursday, Canada followed suit, telling its citizens who did not have to be in China, that they should get out on commercial flights if possible: “If your presence in China isn’t essential, you should consider leaving by commercial means,” the advice said.
China provides emergency funding for key manufacturers
China’s finance ministry has created a special fund of billions of yuan to target lending for companies involved in the manufacture of key medical supplies such as safety goggles, face masks and disinfectant , officials have said at a media conference in Beijing.
A list of companies will be drawn up by the government and banks will be expected to hand over cash to them to enable them to keep production flowing.
Morrison is asked if he would consider stopping cruise ships coming to Australia, given the infections on the cruise ship that has docked in Japan?
“No. That is not under advice at the moment . No-one has recommended that. But those Australians who are on board that vessel (stuck in Yokohama) and a number of additional cases have been confirmed amongst the Australians on that vessel, which is up in Japan and they are getting consular support. They have been transferred to medical facilities in Japan as the other two were and there are quite a number of other Australians on board this ship that are in quarantine on the vessel. ”
Australian PM ‘strongly suggests’ citizens take commercial flights out of China if possible
We are hearing a news conference from the Australian prime minister, Scott Morrison , on plans for a second evacuation flight from Wuhan.
He confirms that the government is looking at a second quarantine facility in Australia’s Northern Territory. The first evacuees were taken to Christmas Island, a former detention center for refugees and asylum seekers.
The site being considered is a a mining camp facility in the NT’s capital city, Darwin.
Morrison also has a message for Australians who are still in mainland China – that they should get out on commercial flights if possible:
“Australians and immediate family members – if you are there, then there are still commercial flights coming out of china , mainland China to Australia and I strongly suggest you avail yourself of those. The government cannot guarantee that similar types of assisted flights would be able to be put on in the future either into the mainland or Wuhan. ”
We reported yesterday that clinical trials had begun in China for the drug Remdesivir on coronavirus patients. State media says the first person to receive treatment was a 82 – year-old man with serious symptoms in Wuhan’s Jinyintan hospital. More than 842 patients will take part in the trial.
Second Chinese city, Xiaogan, records more than 2, (coronavirus cases)
The Chinese city of Xiaogan, around 086 km north-west of Wuhan in Hubei province, has become only the second city in China (after Wuhan) to record more than 2, confirmed cases of the coronavirus.
Chinese state media is reporting Beijing’s financial support during the virus outbreak.
Global Times (@ globaltimesnews) billion billion ($ 9.) billion) of fiscal support had been rolled out to help fight against the novel (# coronavirus ) in China by 5 pm on Thursday, with actual spending of . 66 billion yuan: official
The annual Art Basel Hong Kong, which drew more than 098, 16 people last year, had been scheduled to take place on – March.
It’s the latest in a range of cultural, academic and sporting events canceled or postponed in China , Hong Kong and elsewhere because of the outbreak.
Hong Kong has reported cases of the virus and has ordered a – day quarantine for all travelers entering the city from mainland China from Saturday.
On Thursday Hong Kongers faced long queues at some shops as shelves emptied amid concerns over the virus. You can see the South China Morning Post’s front page below.
Two planes carrying US citizens have left Wuhan for the United States
The US State Department said on Thursday that two planes have left Wuhan, China , en route to the United States amid the coronavirus outbreak.
The State Department statement did not say how many evacuees were on the flights or where in the United States they were headed.
Australia’s ABC TV is talking to their reporter on the scene where the Diamond Princess is docked. He says some people onboard the ship have been let out of their rooms for short times, but there are others who he believes are still confined to their room.s Stricken cruise ship records more cases of virus Another (passengers on the Diamond Princess cruise liner moored in the Japanese port of Yokohama have been diagnosed with coronavirus. This brings the total on the ship to 72. By my calculations also raises Japan’s number of confirmed infections to
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