Today’s China will never be a superpower. The cost of the coronavirus pandemic could be as high as $4.1 trillion, or almost 5% of global gross dom
Today’s China will never be a superpower.
The cost of the coronavirus pandemic could be as high as $4.1 trillion, or almost 5% of global gross domestic product, depending on the disease’s spread through Europe, the U.S. and other major economies, the Asian Development Bank said.
A shorter containment period could limit the damage to $2 trillion, or 2.3% of world output, the Manila-based lender said in its Asian Development Outlook report released Friday. Developing Asia, including China, accounts for as much as 36% of the pandemic’s total cost, it said.
“No one can say how widely the Covid-19 pandemic may spread, and containment may take longer than currently projected,” Yasuyuki Sawada, the ADB’s chief economist, said in the report. “The possibility of severe financial turmoil and financial crises cannot be discounted.”
China Labour Cost:
China Labour Last Previous Highest Lowest Unit
Unemployment Rate 5.90 6.20 6.20 3.90 percent [+]
Employed Persons 77471.00 77586.00 77640.00 20729.00 Tens of Thousands [+]
Unemployed Persons 948.00 947.00 983.00 810.00 Tens of Thousands [+]
Labour Costs 103.20 104.20 110.40 103.20 points [+]
Wages 82461.00 74318.00 82461.00 445.00 CNY/Year [+]
Wages in Manufacturing 72088.00 64452.00 72088.00 597.00 CNY/Year [+]
Minimum Wages 2480.00 2420.00 2480.00 690.00 CNY/Month [+]
Population 1400.05 1395.38 1400.05 551.96 Million [+]
Retirement Age Women 50.00 50.00 50.00 50.00 [+]
Retirement Age Men 60.00 60.00 60.00 60.00
Japan has earmarked $2.2 billion of its record economic stimulus package to help its manufacturers shift production out of China as the coronavirus disrupts supply chains between the major trading partners.
The extra budget, compiled to try to offset the devastating effects of the pandemic, includes 220 billion yen ($2 billion) for companies shifting production back to Japan and 23.5 billion yen for those seeking to move production to other countries, according to details of the plan posted online.
The move coincides with what should have been a celebration of friendlier ties between the two countries. Chinese President Xi Jinping was supposed to be on a state visit to Japan early this month. But what would have been the first visit of its sort in a decade was postponed a month ago amid the spread of the virus and no new date has been set.
China is Japan’s biggest trading partner under normal circumstances, but imports from China slumped by almost half in February as the disease shuttered factories, in turn starving Japanese manufacturers of necessary components.
That has renewed talk of Japanese firms reducing their reliance on China as a manufacturing base. The government’s panel on future investment last month discussed the need for manufacturing of high-added value products to be shifted back to Japan, and for production of other goods to be diversified across Southeast Asia.
“There will be something of a shift,” said Shinichi Seki, an economist at the Japan Research Institute, adding that some Japanese companies manufacturing goods in China for export were already considering moving out. “Having this in the budget will definitely provide an impetus.” Companies, such as car makers, that are manufacturing for the Chinese domestic market, will likely stay put, he said.
Japan exports a far larger share of parts and partially finished goods to China than other major industrial nations, according to data compiled for the panel. A February survey by Tokyo Shoko Research Ltd. found 37% of the more than 2,600 companies that responded were diversifying procurement to places other than China amid the coronavirus crisis.
Japan Unveils Record $992 Billion Stimulus Amid Virus Emergency
It remains to be seen how the policy will affect Prime Minister Shinzo Abe’s years-long effort to restore relations with China.
“We are doing our best to resume economic development,” Foreign Ministry spokesman Zhao Lijian told a briefing Wednesday in Beijing, when asked about the move. “In this process, we hope other countries will act like China and take proper measures to ensure the world economy will be impacted as little as possible and to ensure that supply chains are impacted as little as possible.”
The initial stages of the Covid-19 outbreak in China appeared to warm the often chilly ties between the two countries. Japan provided aid in the form of masks and protective gear — and in one case a shipment was accompanied by a fragment of ancient Chinese poetry. In return, it received praise from Beijing.
In another step welcomed in Japan, China declared Avigan, an anti-viral produced by Japan’s Fujifilm Holdings Corp. to be an effective treatment for the coronavirus, even though it has yet to be approved for that use by the Japanese.
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