2019-nCoV outbreak in China only poses temporary economic difficulty: Expert
By
Zhang Yuannan | People's Daily app
Rio de Janeiro (People's Daily) -The
novel coronavirus outbreak in China is only a temporary difficulty, and China
will find a solution, said Hsia Hua Sheng, Associate Professor of Finance at
São Paulo School of Business Administration.
"Even with this temporary difficulty, China
is still one of the most competitive countries in the world, " Hsia told
People's Daily.
"On the one hand, we can see the effort and
determination of the government into financial services. For example, the
Chinese central bank injected 1.7 trillion yuan ($244.12 billion) through
reverse repos into the market earlier this week, demonstrating its
determination to stabilize market expectations and boost market
confidence."
He added, "on the other hand, the
collaboration of all the Chinese people to overcome this temporary virus is
very positive," noting that the creativity of China's skilled workers
helps to create a digital solution to combat the coronavirus with the Chinese
government.
He said that the role of China in the global
economy is very important. "The temporary slowdown of Chinese consumption
in and out of China (for example, tourism) will affect the GDP negatively of
major tourism oriented countries."
"This problem will also affect global
production activities, like the automotive industry," said Hsia, adding
many multinational firms have to stop their production outside of China because
of the lack of components made in China as China has a huge relevance in the global
supply chain.
2019-nCoV outbreak in China only poses temporary economic difficulty: Expert
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