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China’s economy expected to grow 1.6% in 2020 – World Bank

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Much the world is currently seeing continuing surges of new Covid-19 cases, some countries are well into their 2nd wave. Meanwhile China is quietly getting it’s industrial engine and economy going again as new cases. In fact China’s number of ‘active cases’ has been dropping since April, and now is fewer than 200 total cases across the country. Along with a return to work and ‘normal’ life, the country’s economy is again chugging along as the rest of the world scrambles for a solution to ‘containment’ or a reduction in cases.

China's economy expected to grow 1.6% in 2020 - World Bank | News by Thaiger

GRAPH: worldometers.info

The world’s 2nd largest economy appears to be the only major world economic power to dodge a recession in 2020. China’s GDP is expected to actually grow 1.6% this year, nothing amazing, except when compared to the rest of the world which is in negative growth territory as a result of the shutdowns and border closures that has crippled much of the world’s businesses.

Globally, it is predicted that economies will contract an average of 5.2%, based on projections from the World Bank.

Chinese officials point to their relatively swift, albeit draconian, lockdowns in affected populations. Millions of Chinese were confined to their homes, with food and provisions being delivered to them in a government-coordinated, ‘safe’ manner, so householders wouldn’t have to leave their homes, in some cases, up to 2 months.

The Chinese government also pumped money, valued around hundreds of billions of US dollars, for major infrastructure projects, offered cash incentives to stimulate local spending in the small business sector, and kept its borders largely closed, except for certain visas and business travellers. The ‘pay off’ is indicated with travel for the traditionally busy Golden Week celebrations showing high booking rates and planeloads of tourists.

The bottomline on all this activity will be a 1.1% increase in its share of GDP, more than 3 times its share in the past 12 months.

Meanwhile, both Europe and the US will see their share of world GDP drop slightly this year. China’s share of global GDP is forecast to finish 2020 with 17.5% of the entire world economy. Whilst growth figures of world economies forecast that China’s GDP would eventually surpass the US sometime in the mid to late 2020’s, that landmark will now occur much sooner, according to projections from the World Bank.

Even the wave of anti-Chinese sentiment is doing little to impact or unravel the highly connected trade and economic relationships with the industrial superpower. Some companies have moved their head offices, and in some cases factories, out of China to avoid some government’s trade restrictions. But the nett impact has been less than 1% in trade activity at this time.

China’s economy continues to benefit from its pivotal role in global supply chains. The research and advisory group Oxford Economics reports that China will increase its share of global GDP by around 1% this year, confirming projections from the World Bank.

Despite rhetoric from Washington, US foreign direct investment into China actually rose 6% in the first six months of 2020, according to China’s Ministry of Commerce. According to their report, many US multinational companies remain committed to their investment and engagement with Chinese manufacturing. In reality, Macquarie Bank’s China office predicts it will take decades for trade partners to unravel from the intricate supply chains, even if the anti Chinese government sentiment continues to persist.

This weeks’ Golden Week holidays commemorate the founding of the People’s Republic of China in 1949 and the Moon Festival, and is one of China’s busiest travel seasons of the year. An estimated 630 million people travelled during the week-long holiday which ended Thursday. The number equates to just over 80% of the travel figures for last year’s festival. local tourist spending reaching 70% of last year’s tourist spend, according to Macquarie Bank’s China office.

And gross revenue for China’s Golden Week box office hit 3.92 billion yuan (US$580 million), selling nearly 100 million tickets, which makes it the 2nd highest box office during the holiday week’s Chinese film history, according to “China’s box office” app.

But even before the annual break, China’s economy had been showing signs of a general recover. Manufacturing activity rose to a 6 month high in September, according to media group Caixin, which surveys small business activity and advertising expenditure.

And an official survey released at the start of October indicated activity in the country’s service sector at its highest level in nearly 7 years. The senior economist at Caixin Insight Group, Wang Zhe, says that China’s economic recovery appears to be well underway.

“Overall, the economy remained in a post-epidemic recovery phase and improved at a faster pace.”

Oxford Economics report that US-China tensions remain a concern, even as foreign direct investment continues to grow.

“If the US were to decouple significantly from China, the country’s growth would trend less than 0.5% lower per year through to 2040… as long as other developed countries maintained most ties.”

SOURCES: Oxford Economics | CNN | China Box Office | worldometers.info | Caixin

 

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5 Comments

5 Comments

  1. Avatar

    RR

    Sunday, October 11, 2020 at 3:10 pm

    Only 1.6%, it is a disaster also there, where they usually are on the 7-8% range

  2. Avatar

    Nick

    Sunday, October 11, 2020 at 9:24 pm

    Looking at where the sources from, and I don’t believe whatever CNN, any Chinese media say! I think they are sure in profound trouble right now after the US trade war and all other surrounding countries such as Japan, Australia, India, Taiwan, and the Philippine.

    • Avatar

      Leo Z

      Wednesday, October 14, 2020 at 5:23 am

      The numbers come from the Chinese National Bureau of Statistics, commonly known as National BS.

      The real talk in China is about drastically reduced spending (the Chinese are frugal, especially in times of uncertainty) and underemployment-unemployment, which is under-reported, and where the government, unlike in the West, doesn’t hand out $250-$500 a week in unemployment benefits.

    • Avatar

      Don R

      Monday, October 19, 2020 at 2:42 pm

      China is probably quite happy to ride out the storm. While the Western world is cowering in the basement, Chinese students have been in school studying for the future. Must be nice to live in a country that still has a future!

  3. Avatar

    Waverider

    Monday, October 12, 2020 at 4:47 pm

    They need to get some food for the poor in the winter.
    I see a famin ahead

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Thailand

Saturday Covid UPDATE: 2,419 new infections and 19 deaths, provincial totals

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Stock photo by Mufid Majnun for Unsplash

The tally for Covid-related infections and deaths reported over the past 24 hours reports 19 new deaths and 2,419 cases. There have been 52,411 confirmed Covid-19 infections in the recent outbreak with more than 16,000 cases in Bangkok, the epicentre of infections. Since the start of the pandemic last year, the Centre for Covid-19 Situation Administration has reported a total of 81,274 Covid-19 infections and 382 coronavirus-related deaths.

Thailand now has 29,473 active Covid-19 cases. Most patients with Covid-19 are asymptomatic or have mild symptoms. More than 1,000 Covid-19 patients are in critical condition including 380 people on ventilators.

Out of the 2,419 new cases, more than 1,000 cases were detected in Bangkok. Most cases were local transmissions or detected through active case finding.

Of the 19 new coronavirus-related deaths, most were in Bangkok and surrounding provinces. The majority of deaths were the elderly and many of them contracted the virus from infected family members or friends.

Over the past week, new clusters of Covid-19 infections have been detected in crowded Bangkok neighbourhoods, including the Khlong Toey slum. Poor communities in Bangkok have been seen as vulnerable to coronavirus outbreaks as people live in close proximity to each other and many cannot afford to stop working to abide by stay-at-home orders. CCSA spokesperson Natapanu Nopakun says active case finding in Bangkok clusters have been “beefed up.”

With cases in Bangkok still on the rise, the current disease control measures imposed in the capital will be extended until May 17. Schools and entertainment venues must remain closed.

Provinces with the highest number of new confirmed cases…

Province New Cases Total since April 1
Bangkok 1,112 18,029
Nonthaburi 217 3,249
Samut Prakan 114 3,016
Prachuap Kiri Khan 100 1,267
Pathum Thani 93 1,192
Samut Sakhon 77 1,376
Chon Buri 72 3,200
Prachin Buri 63 284
Ranong 50 379
Surat Thani 35 1,070

Districts in Bangkok with the highest number of confirmed cases…

District New cases
Khlong Toey 37
Ratchathewi 26
Pathumwan 24
Bang Kapi 13
Chatuchak 11
Don Mueang 9
Lat Phrao 9
Dusit 8
Yan Nawa 7
Wang Thonglang 7

Saturday Covid UPDATE: 2,419 new infections and 19 deaths, provincial totals | News by Thaiger

 

Saturday Covid UPDATE: 2,419 new infections and 19 deaths, provincial totals | News by Thaiger

Active Covid-19 cases in Thailand as of 7 May 2021, according to Worldometers.

 

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Coronavirus (Covid-19)

WHO gives emergency authorisation to China’s Sinopharm Covid-19 vaccine

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China’s Sinopharm Covid-19 vaccine has been given the green light by The World Health Organisation for emergency use. The director-general Tedros Adhanom Ghebreyesus, made the announcement yesterday in Geneva. The Chinese vaccine joins Pfizer/BioNTech, Astrazeneca-SK Bio, Janssen, Moderna, and Serum Institute of India in being authorised by the WHO for emergency use.

“This afternoon, WHO gave emergency use listing to Sinopharm Beijing’s Covid-19 vaccine, making it the sixth vaccine to receive WHO validation for safety, efficacy and quality.”

Tedros says the Sinopharm vaccine is eligible to be purchased by COVAX, the initiative to provide equitable global access to Covid-19 vaccines. COVAX also gives countries confidence to expedite their own regulatory approvals and imports. The WHO’s Strategic Advisory Group of Experts on Immunisation reviewed the data and is recommending the vacccine for use in adults aged 18 or older, with a 2 dose schedule.

Meanwhile, the other Chinese-made Sinovac Covid-19 vaccine is now approved in Thailand for adults over 60 years old. Doctors had initially advised that the vaccine to only be for adults 18 to 60 due to limited research on the elderly. The recommendation from doctors led Thailand’s 67 year old prime minister, Prayut Chan-o-cha, to wait and take the AstraZeneca vaccine.

After Prayut backed out of plans to be the first to be injected with the Sinovac vaccine, Public Health Minister Anutin Charnvirakul, who is 55 years old, stepped up to be the first in Thailand to be vaccinated against Covid-19. The Sinovac vaccine has not been used on those over 60 years old since Thailand launched its Covid-19 immunisation campaign in late February.

Thailand is also set to receive 10 to 20 million doses of the Pfizer vaccine, according to Public Health Minister Anutin Charnvirakul. The minister posted an announcement on his Facebook page along with a photo after a meeting with Pfizer representatives. Anutin says the Thai Food and Drug Administration will facilitate the registration process as soon as possible. The Pfizer vaccine is expected to arrive in Thailand in the third or fourth quarter of the year.

SOURCE: CNN

 

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Coronavirus (Covid-19)

Chon Buri sees slight drop in new, daily infections today- Saturday, 72

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Stock photo via Wikimedia Commons

Chon Buri province, which features Pattaya, is reporting 72 new, daily infections of Covid-19 this morning and 1 new death, a slight drop from yesterday’s 89 infections. Today’s reported number of infections is the lowest since April 9. This makes a total of 3,202 cases and 8 deaths in the current wave of infections that begin in early April. 1,520 are still listed as in medical care. 1,674 have been released from medical care and have made a full recovery. 125 were released yesterday alone.

The new infections are broken down by district as follows:

Mueang Chonburi-14

Si Racha- 9

Banglamung (including Pattaya)- 37

Sattahip- 4

Ban Bueng-4

Bor Thong-1

Ko Chan- 1

2 patients transferred to Chon Buri for medical care from other provinces

The new infections’ details are below:

-Returning from Nakhon Pathom province, 1 case
-Contact from previous confirmed cases from Chanthaburi province, 1 case
-Close contact from previous confirmed case
-In work places, 4 cases
-In families, 8 cases
-Funeral cluster, 1 case
-Work in places with many people, 4 cases
-Close contact from previous confirmed cases under investigation, 24 cases
-Currently under investigation, 29 cases

In the past 24 hours, 192 close contacts were tested through contact-tracing, 877 people were tested proactively, and 817 were tested through Royal mobile van testing. All are waiting for results. Authorities have not released any details on the new fatality reported today.

The tally for Covid-related infections and deaths reported over the past 24 hours reports 19 new deaths and 2,419 cases. There have been 52,411 confirmed Covid-19 infections in the recent outbreak with more than 16,000 cases in Bangkok, the epicentre of infections.

Over the past week, new clusters of Covid-19 infections have been detected in crowded Bangkok neighbourhoods, including the Khlong Toey slum. Poor communities in Bangkok have been seen as vulnerable to coronavirus outbreaks as people live in close proximity to each other and many cannot afford to stop working to abide by stay-at-home orders.

SOURCE: The Pattaya News

 

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