This Is What Happened After One Chinese Company Rushed To Reopen After The Corona-Chaos
Earlier today, Rabobank’s Michael Every laid out succinctly the dilemma that Beijing was facing, when he said that “China appears to have perhaps decided that the economic damage being wrought by a demand collapse and supply-chain shutdown is just too much to bear.” As reported overnight, Xi Jinping stated that China will meet its economic goals AND win the battle vs. the virus, and Beijing is urging firms to increase output even as the capital itself is largely locked down – and other cities are physically locking people into their homes. That’s as even the US admits that the Phase One trade deal will be slow off the market due to the virus impact.
Of course, China is no stranger to Double Think: as Every put it, “a freely-floating, controlled currency; market-determined, state-directed interest rates; and free-trade mercantilism. Yet increase economic activity from here and the virus will spread, both internally and globally. Concentrate on just the virus, and the local and global economic impact will be enormous.”
That, in a nutshell, was how Rabobank saw China’s “dialectic that has no comfortable Fichtean synthesis to the thesis and antithesis.” Either way, as Every concluded “things are going to get nasty for economies and markets – especially with official WHO word that a vaccine is 18-months away.”
Today, two days after China officially returned to work, we got the first confirmation of just how catastrophic Beijing’s order to rush back to work in rebooting the economy could be, when as Jennifer Zeng reported, a ompany in Suzhou reopened, and immediately at least one CoVid2019 case found. As a result, the company’s 200+ employees couldn’t go home and were immediately placed under quarantine. They managed to organize quilts for themselves.
Company in #Suzhou reopened. One #CoVid2019 case found. Over 200 employed couldn’t go home and immediately under quarantine. They managed to organize quilts for themselves.
苏︍州单位提前开工，确诊一例 #武汉肺炎 ，全单位的人上了一天班，家都回不去了，200多人自带被子，全部隔离 pic.twitter.com/Fd660RKfqL
— 曾錚 Jennifer Zeng (@jenniferatntd) February 12, 2020
This is just the first such case. Expect many more – especially across Hubei and its neighboring provinces – as latent cases of Coronavirus which were never caught and cured spark new infections and mini epidemics, all of which dutifully captured on a smartphone clip for everyone in …read more