#China central bank declares #virtualcurrency-related business activities as illegal. No legal tender/crypto exchange; exchange between virtual currency; token issuance; derivatives; providing info; others. Crimes punished. BUT no ban on #crypto POSSESSION.pbc.gov.cn/goutongjiaoliu… Other key points on #China notice to prevent and manage risk of “hype” in #crypto trading: “overseas virtual currency exchanges providing services to Chinese residents through the Internet are also illegal financial activities.” Chinese working at those outlets held responsible.

#China blames US for “stalemate” due to treating China as “imaginary enemy," Vice FM says at talks with @DeputySecState in Tianjin Mon. Urges US to change “highly misguided mindset”. Adds “the Chinese people” see with eyes wide open that Biden competition meant to contain China. Full English translation of #China Vice FM’s remarks to US from Foreign Ministry. Argues US-led international order meant to benefit West where “the big bully the small.” (No mention that #China got rich by plugging into global trading system. 🤔)

#China clampdown on private #education firms appears in effect. Media reports Beijing city has started policy. All private tutoring firms:
-must register as non-profits
-banned from raising funds via stock markets or foreign investment
-violators shall be “rectified” Stated goal to bring down stress for children, costs for parents (so parents can have more kids in line w/ #China new 3-child policy.) Policy incl. ban on after school tutoring on wkds, public holidays, school vacay, after 9pm. (Many tho suspect political control also a factor.)

😐White House adviser Navarro says #China trade deal is “over”. Says the "turning point" came when the US the learned about the spreading coronavirus only after a Chinese delegation had left Washington following the signing of the Phase 1 deal on Jan. 15. mobile.reuters.com/article/amp/id… Navarro walks back his remarks that #trade deal is “over”, saying he was talking more broadly about “trust”. Meantime, White House econ advisor Kudlow disputes Navarro. All this after @USTradeRep Lighthizer said last week the deal was on track. 😬axios.com/kudlow-dispute…

#China’s #Coronavirus Timeline:
Jan 23: epicenter Wuhan goes into lockdown
Feb 17: overall cases peak nhc.gov.cn/xcs/yqtb/20200…
Mar 11: new cases in hot zone Hubei drop to single digits nhc.gov.cn/xcs/yqtb/20200…
Mar 18: first day zero cases infected in country nhc.gov.cn/xcs/yqtb/20200… US’ Similarities To #China When First Impose Restrictions:
1) surging cases
2) testing not widely available
3) medical supply shortage
#coronavirus

😬 Bad omen for rest of world. #China data for Jan-Feb out. Record LOW production/consumption, record HIGH unemployment.

Industrial output -13.5% y/y (est 1.5% Dec 6.9%)
Retail sales -20.5% (est 0.8% Dec 8%)
FAI -24.5% (est -2.8%, Dec 5.4%)
Unemployment 6.2% (Jan 5.3% Dec 5.2%) Further data breakdown Jan-Feb amid #coronavirus:

Services production: -13.0% (Dec 6.8%)

Catering revenue: -43.1%
Online retail sales: +3% (21.5% total sales of consumer goods)

Investment in manufacturing: -31.5%
Investment in high-tech: -17.9%

stats.gov.cn/tjsj/zxfb/2020…

“If I had known what was to happen, I would not have cared about the reprimand. I would have talked about it to whoever, where ever I could.”- #Wuhan doctor Ai Fen in an intv with Renwu magazine on how she tried to warn her superiors of a SARS-like virus in Dec but was shut down. #Wuhan doctor interview (on how she flagged #coronavirus but was shut down) now heavily censored online. People trying to save it, posting versions in Chinese English pinyin, Oracle bone script, hexadecimal, Morse code, angry over mishandling by authorities. Versions disappearing

#China grinds to halt in Feb due to #coronavirus. Transport Ministry listed data today in briefing. Noted by @chengevelyn.

Railway 🚃, highway 🛣, waterway 🚣‍♀️, civil air ✈️:
Passenger volume: -79.9%
Cargo volume: -26.5%

Taxis 🚖, incl. online ride-hailing:
Orders/volume: -85% #China Transport Ministry lists 10 ways to help logistics firms cope: 1) no tax on sales if transport goods for epidemic control 2) no fee for goods clearing ports Mar 1-Jun 30; 20% cut for port management, security fees. For non-petrol ships, emergency response fees suspended

Timeline of emerging view in #China that #coronavirus may not originate from China: ~Feb 22: Communist Party’s @globaltimesnews writes Chinese express fears on social media #coronavirus could come from US after seeing Japan’s TV Asahi report (later adds US @CDCgov response) globaltimes.cn/content/118041…

Beijing city tightens restrictions for Chinese and foreign travelers from South Korea, Italy, Iran, Japan, other countries badly hit by #coronavirus. All must be quarantined for 14 days at home or appointed hotel. Diplomats follow own rules. Shanghai sets 14-day quarantine, too. #GuangdongProvince also now requires 14-day quarantine for those traveling from countries severely affected by #coronavirus. #China

Not sure. I reported it as did others. A lot came out of that briefing though and there would have been others news of the day.

https://twitter.com/davidfo52161660/status/1233956310028128257

Another interesting point from briefing is how Chinese side appears to be playing down @WHO remarks re: @GileadSciences’ drug #remdesivir. WHO official said “ONLY ONE drug right now” might be effective. NHC translated him as: “we think remdesivir might have the expected effect.”

#China’s National Health Commission said at @WHO briefing in Beijing this week no one is immune from #COVIDー19 since it is a new pathogen. Nationally, fatality rate is 3-4%. But China health officials earlier posted data on #coronavirus that might help when assessing your risk: A team from #China’s CDC published research in a Chinese journal of epidemiology. The data, based on 70k patients, is till Feb 11 (so a little old) but it reveals trends. Fatality rate for elderly at 8-15%..

Holy moly. I had to do a double take 👀. #China’s factories activity plunges, worse than global financial crisis in 2008/9.
-Manufacturing PMI lowest on record at 35.7 (v. est 46, Jan 50)
-Non-manufacturing PMI at 29.6 (v. est 50.5, Jan 54.1)
-Composite PMI at 28.9 (v. Jan 53)

https://twitter.com/onlyyoontv/status/1233427967730049024

Again, this is why investors are panicking. The dramatic slowdown is the impact of #coronavirus on #China’s economy- and a window at what can happen in other countries depending on virus spread and government responses. More data to be released out of China this week. 😓🙏

WHO: We have had a team here and one in Wuhan Jan 21-22 and WHO has never left. In terms of this team, we have had international experts, and it is difficult to pull together a team. WHO to Sky News: on the numbers, in any crisis, you are always reviewing definitions. I am more interested in the trends. And if we go back and look at the trends, it is clear. I am not surprised that the numbers bounce around.

Dr. Liang: 25 experts. Spoke with officials, scientists, residents, medical workers. Our main goals: to understand 1) characteristics of epidemic 2) clinical symptoms incl. mild/middle/critical 3) prevention/control measures and effectiveness 4) suggestions for future research 5 major findings: 1) understanding of virus. Experts studied 104 strains from different places and found they were 99.9% similar in origin. So experts believe there is no significant mutation. Ave age 51. 80% of patients 30-65. In confirmed cases, 78% from Hubei as of Feb 22...

Mini-outbreaks of #coronavirus in Beijing heighten fears. Clusters detected at two hospitals in part of #China capital home to gov’t offices like Finance Ministry, central bank & financial institutions. “Infection density” in district “just lower” than Wuhan, state media reports. “According to a table which compares the ‘infection density’ of cities or areas — the number of confirmed cases per square kilometer —Xicheng district ranks second, with an infection density just lower than the epicenter Wuhan.” @globaltimesnews globaltimes.cn/content/118028…

#China struggled to reopen today- especially firms in the #globalsupplychain. Manufacturers dealing with a tangle of conflicting requirements that vary province to province, city to city. Most being asked to provide extensive prevention of #coronavirus before they can reopen. #GuangdongProvince requires 4 steps:
1) set up prevention/control protocol 2) quarantine non-local/migrant workers
3) supply protective gear for all workers
4) conduct routine temperature checks/disinfection
Factories meeting demand can apply for approval from local authorities.

Scattered picture emerging out of #China manufacturing sector on when factories reopen. Key points: don’t expect them to open on Feb 10 - initial date set by authorities. Expect inconsistency, overzealous local officials, & mask shortage to drag out restart in #globalsupplychain. In #Guangdong Province, there is no official notice on when factories should reopen. However, many localities urging companies to stay shut until Mar 1. For eg., Lecong county in city of #Foshan encourages all companies not to resume work until Mar 1.

***Notice from #Shenzhen health authorities*** #wuhancoronavirus #China.

https://twitter.com/onlyyoontv/status/1225601309014777856

#Shenzhen health commission posts on social media that starting from Feb 8, 00:00, vehicles entering Shenzhen need to register online beforehand. Shenzhen to set up checks on all highways connected to city.

#China state TV flagged that researchers at Zhejiang Univ found 2 drugs #arbidol & #darunavir inhibit #coronavirus. Lead scientist is recommending the drugs be included in National Health Commission’s official protocol. Commission cautions so far no confirmed effective treatment. #China National Health Commission revised its protocol for #WuhanCoronavirus. It is now:

-alpha-interferon (inhalation)
-lopinavir/ritonavir (2 pills twice a day)
-ribavirin (optional, 4g first time, followed by 1.2g every 8 hours)

Global supply chain impact of #WuhanCoronavirus:
All companies in Hubei will not resume work until Feb 13 midnight at earliest, says Hubei Province governor at press briefing.

#China #economy Hubei, #Wuhan big manufacturing hub. @SPGMI_Panjiva estimates >450 US importers supplied by companies in Hubei Province. Among top five exporting to US from there is Foxconn, key @Apple supplier, says Panjiva. #China