Chinese President Xi Trying to Calm Waters After the Horrible Chinese Data Over the Weekend - Forex News by FX Leaders

Chinese President Xi Trying to Calm Waters After the Horrible Chinese Data Over the Weekend

Posted Wednesday, March 4, 2020 by
Skerdian Meta • 1 min read

Coronavirus broke out in China in early December, but the world got to hear about it only by the middle in January. Now it makes sense that the Chinese agreed on the Phase One the trade deal in December without hesitation and signed it in January.

The Chinese economy has been brought to its knees, as parts of the country remain in lock-down. The data released over the weekend was horrible, with manufacturing and non-manufacturing PMI indicators falling to record lows, showing that the economy is in deep contraction for February. The Chinese president Xi Jinping appeared a whole ago on state media, commenting on the situation, trying to calm the situation.

  • Virus control work shows positive signs
  • Stresses on need to continue virus control in Hubei and Wuhan
  • Says control and prevention tasks are still heavy in Hubei and Wuhan
  • Calls for continued virus controls in major cities including Beijing
  • China needs to increase domestic demand while fighting the virus
  • Urges pushing forward with major infrastructure projects

 

 

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