China Last Week – Xiabing Su Gives An Update on How People Are Coping with The Coronavirus Outbreak
Hi, I’m Xiabing, cultural analyst at Kraneshares. Welcome to our China last Night video.
Last week marked the first official week for people to go back to work in China, although the travel restrictions for Wuhan and its neighboring city has not been removed yet. Some people may still choose to work from home.
My parents live in Lanzhou, a city located in northern China and an important travel hub along the Silk Road. Due to its distance from Wuhan, Lanzhou has not been seriously affected by the virus. My dad still goes to work, carrying on with business as usual. He is required to follow a stricter sanitation routine of wearing a mask by my mom, who is more cautious about the virus. She has decided to work from home for a bit longer.
During this special time, masks are in great demand throughout China. According to data provided by China’s Ministry of Industry and Information Technology, China has a mask production capacity of 20 million per day. However, this is still not enough to cover daily demand. If China ’s 1.4 billion people replace their mask every four hours, as is recommended by health experts, the total number of masks used per day is at least 2.8 billion. The N95 masks, which are said to be particularly adept at protecting against the coronavirus, have sold out almost everywhere. The government has subsequently declared that all N95 masks are to be reserved for medical professionals.
According to last week’s data, the overall situation in China is improving. On February 13th, the number of confirmed cases has reached 59,909, the number of deaths has reached 1,368, and 6152 people have recovered. Our thoughts and prayers are with the people of Hubei province, where 74% of confirmed cases and 97% of deaths have occurred.
Several global pharmaceutical giants and medical institutions have teamed up to develop an effective treatment for the virus. After the drug Remdesiver recently showed promising signs of expediting the coronavirus recovery process, the Chinese government partnered with a leading Chinese biotech firm, Chongqing Zhifei Biological Products to begin development of the world’s first vaccine.
China’s online healthcare services have proven especially valuable in the wake of the coronavirus. To offset the burden of already overcrowded hospitals, most healthcare IT providers are waiving fees for e-doctor consultations as well as making generous donations to treatment centers. Alibaba Health began offering its telemedicine services free of charge, encouraging anyone with minor, non-coronavirus illnesses to seek treatment through its online doctor portal.
We hope you enjoy this short recap. If you would like to see more, please subscribe to us at ChinaLastWeek.com. Tune in next week for the latest update on China’s equity, fixed income, and currency markets. Many thanks from KraneShares.