SCIO briefing on the efforts to support the coordinated and orderly resumption of industrial chain operations

The State Council Information Office held a press conference Friday morning in Beijing to introduce the works of the Ministry of Industry and Information Technology and the China Banking and Insurance Regulatory Commission to support the coordinated and orderly resumption of industrial chain operations. March 18, 2020

Market News International:

The epidemic is spreading quickly in foreign countries, especially across Europe and America. Have any evaluations been made regarding the impact this may have on the resumption of work for the Chinese manufacturing industry? In particular, the impact on the many micro- and small-sized enterprises involved in importing and exporting. What policies will be implemented to cope with this situation? Thank you.

Xin Guobin:

Thank you for your questions. The epidemic has swept across the world, outstripping our predictions. Objectively speaking, the trend of industrial globalization is clear. It is also evident that the spread of the outbreak in European countries and the U.S. will impact and affect the development of Chinese manufacturing. This is also dependent though on the duration of the epidemic and the joint-efforts made by all nations. If the outbreak can be controlled relatively quickly, I believe the effect on China and the global economy will be limited. But if the duration is longer, there will be a certain impact on China for sure. However, from our perspective, China has the largest scale industry, the most complete product categories and the largest domestic market demand in the world. Therefore, we have a good foundation for the development of the manufacturing industry. We also have huge domestic demand and enormous product categories with supporting industries which are fully equipped. So, we believe that the effect on China is still manageable.

However, since China has been deeply integrated into the global industrial chain system, any changes in the global economy will impact and affect China to a certain amount. We will conduct serious research on this issue and enhance communications regarding relevant policies between governments all over the world. We will boost the resumption of work and production for industrial chains by implementing market-oriented methods. And hopefully, we will strive to lower the economic impact caused by the epidemic. Thank you.

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