China Last Week – Checking In On Life In Wuhan As Quarantine Lifts
Hi, I’m Joe Dube. Welcome to China Last Week. Today, we will provide an overview of China’s capital markets. Then my colleague Xiabing Su will check in on Wuhan, the former epicenter of the coronavirus pandemic, to see what life on the ground is like.
Last week, the U.S. markets showed some positive signs of recovery. The S&P 500 was up 10 percent, as the Federal Reserve began quantitative easing measures and President Donald Trumps signed the $2 trillion coronavirus relief bill. Year-to-date, however, the S&P 500 is still down 21% while the MSCI China A Index is down 9%.
The global spread of coronavirus is still on the rise, the US surpassed China as the country with the most reported cases last Friday. Despite this grim news there are some positive signs that US and China are collaborating to contain the pandemic. In a recent phone call, President Trump and President Xi pledged to cooperate in the fight against the virus.
On March 29th, China also sent a plane with 80 tons of gloves, masks, gowns and other medical supplies from Shanghai to New York. Jack Ma, the founder of Alibaba, is supplying one million masks and 500,000 coronavirus tests to the United States.
Now I turn to Xiabing, to bring us an update from Wuhuan
Hey! I’m Xiabing joining virtually today to give you some first-hand updates on Wuhan. With almost 0 new confirmed case, epidemic-free areas and neighborhoods in Wuhan are gradually lifting lockdown measures. The large city with 11 million people is gradually recovering and give people hope and confident to win this battle, because we are a community of a shared future of mankind. This week, we are very glad to invite Miss Huang. She shoot a video of her going-out after her neighborhood lift quarantine restrictions. Let’s follow her to see what Wuhan looks like now and listen to her experience/journey.
I just came home from the Carrefour supermarket. Epidemic-free neighborhoods in Wuhan are gradually ending their lockdowns, but all entrances are still closely monitored. Every person needs a card and a code in order to leave. Carrefour also only has one entrance and one exit, taking everyone’s temperature before allowing them inside. Wuhan is now in a completely different state than it was when the lockdown started. There are not many people on the streets, and everyone wears masks and practices social distancing. The rigorous controls exercised in the area and discipline of the public to adhere to them put many of my old worries and tensions at ease. Yesterday was the first time in more than two months that I was able to drive my car around the neighborhood, and today was the first time I could walk to other neighborhoods and see convenience and drug stores without shortages of products. For Wuhan, making it this far has not been easy! During the outbreak, my feelings kept going up and down, the same way that anyone sharing this experience has felt. But now, I feel a profound sense of gratitude flowing from my heart. I also believe that America will live up to its title as a world “superpower” and quickly stem the spread of the virus. I hope that the American people will soon be able to live a safe and peaceful life.
Thank you Xiabing for bringing us that update form Wuhan. As we work to contain the virus around the globe, it’s a good reminder that our efforts can bring results. Please tune in next week for the latest update on China. Many thanks from Kraneshares.