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Philippine President Rodrigo Duterte said he has asked China for help in getting access to a coronavirus vaccine as governments around the world make arrangements to secure supply for their citizens ahead of what is expected to be a global scramble for the much-awaited shots.
By Lee Siu Hin 李小轩 This slightly edited talk was given at the July 16 Workers World Party webinar, “Why We Defend China.” The webinar can be viewed at tinyurl.com/yxbbpwwy/. What’s going on? In January 2020, several cases of viral pneumonia of unknown origin were detected in the central Chinese…
China's banking regulator has asked the country's lenders to make preparations for a "big rise" in non-performing loans as part of Beijing's efforts to brace its financial system for shocks from the coronavirus at home and a hostile environment abroad.Runs on China's small banks have become more frequent amid the current turmoil, while the loan repayment capabilities of Chinese companies and households have been undermined by the impact of the coronavirus.Beijing has made efforts to avoid a broader financial crisis, but it is now facing fresh challenges, the China Banking and Insurance Regulatory Commission said this week.China has to "prevent the cold ash of shadow banking from burning again", while avoiding "a resurgence of chaos in real estate financing", said a statement summarising a working conference held by China's banking regulator this week.It has to also "make full preparations to counter changes in the external environment over the long run", the statement added.But Qu Qiang, a researcher at Renmin University's International Monetary Institute, said China is unlikely to see a broad financial meltdown as Beijing has kept credit and liquidity risks in check."Banking sectors worldwide are facing an extra test from the pandemic. Like overseas peers, some Chinese banks could run into difficulty because of their operations, but it's quite normal and won't endanger the overall system," said Qu.China's official statistics paint a picture of a sound financial system as the non-performing loan ratio of all Chinese commercial banks edged up by a mere 0.05 percentage point to 1.91 per cent at the end of March.China loans hits record US$1.73 trillion in first half of 2020But it is increasingly evident that the banking system has started to show cracks at a grass-roots level, especially rural and smaller regional banks, as well as lenders in poorer regions.Official data showed that the non-performing loans ratio at rural banks stood at 4.09 per cent at the end of March, more than double the national average."It is worth keeping a close eye on this because the impact of the coronavirus on asset quality will eventually show up in the second half of 2020 and early next year," said Wang Jun, chief economist at Zhongyuan Bank in Henan province.China's banking system is also a hotbed for corruption. In a recent case, three former top officials at the Shanxi provincial rural credit cooperative, the backbone financial institution in charge of rural financing in the coal-rich province, were placed under investigation for corruption. Jing Hui, who had been the top financial regulator in the province until June 2020, was also found to have 400 million yuan (US$57 million) in cash stored at his home.China's prosecutors also recently charged Cai Guohua, the former chairman of the Shandong-based Hengfeng Bank, with embezzling 10.3 billion yuan (US$1.5 billion). Cai denies the charges.Last year, China was forced to bail out several lenders, including Baoshang Bank in Inner Mongolia and Hengfeng Bank, which were the first bank failures in China in more than 20 years, but more weak banks could follow, according to Wang.Alicia Garcia Herrero, chief Asia-Pacific economist at French investment bank Natixis, said China's banking sector faces a catch-22 situation, given it has vital responsibilities but contradictory goals, including increasing lending to weak links in the economy in line with government policy while maintaining sound asset quality as required by bank supervisors.Chinese banks, largely controlled by governments at various levels, extended a record 12 trillion yuan (US$1.7 trillion) worth of new loans in the first six months of the year, responding to Beijing's call to help support the real economy.Many of the loans were given out to smaller, private sector businesses, which were generally viewed as high risk before the coronavirus outbreak.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.
A total of 1,870 individuals from the tournament's two hubs - Suzhou near Shanghai and Dalian in the northeast of China - have undergone medical checks, with none of them testing positive for the disease, the report said. Players and officials from the 16 participating teams will be confined to
Understanding any similarities between SARS and COVID-19 inflammation could help in a clinical setting. A protein in the viruses causing COVID-19 and SARS is almost identical. Researchers propose testing if targeting COVID-19 with FDA-approved drugs, already tested in mice infected with SARS, could
Animal tests of a potential COVID-19 vaccine being developed by Chinese researchers show it triggers an immune response against the novel coronavirus, offering some promise as it goes into early-stage human trials, according to a peer-reviewed study https://www.cell.com/action/showPdf?pii=S0092-8674%2820%2930932-6
All international tennis tournaments in China including the Shanghai Masters and WTA Finals were cancelled Friday because of the coronavirus, the ATP and WTA said. The major blow to attempts to restart tennis comes after China said it would not stage most international sports events for the rest of
According to the Department of Justice, a federal grand jury has approved an 11-count indictment against two Chinese hackers for attempting to steal U.S. information, including data regarding the vaccine development against the new coronavirus, in today's bite-sized hospital and health industry news from Delaware, the District of Columbia, and Texas.
Despite the political tensions between the United States and China, scientists in the two countries are working together more than ever to study the COVID-19 virus, a new study suggests. Researchers analyzed the scientific papers that researchers around the world produced on coronaviruses before and after the arrival of COVID-19. They found that the United…
President Trump deflected questions about the country's skyrocketing coronavirus cases during a photo op in the Oval Office on Monday. Zeke Miller, CBSN political contributor and White House reporter for The Associated Press, and Anita Kumar, a White House correspondent and associate editor for Politico, join CBSN's "Red and Blue" with the latest.
CanSino Biolgocis' adenovirus-vectored COVID-19 vaccine induced antibody and T-cell responses in mid-phase trial. AstraZeneca signs COVID-19 vaccine production deal with SK Bioscience. U.S. accuses two Chinese hackers of targeting COVID-19-related researches. And more.
The Chinese basketball league is set to allow limited numbers of spectators into games this Sunday before being fully open to fans from July 31 for playoff games in Qingdao. The Chinese Basketball Association released a statement saying that medical professionals, teachers and police and public security
An American teacher working in China, where the COVID-19 pandemic began, has some advice as school systems across the United States roll out their back-to-school plans. Many school systems in Alabama — like Birmingham and Tuscaloosa — are beginning the school year with online learning. Tiffini is a science teacher who’s teaching sixth and eighth-graders in China. We’re not using her last name, and we’re not saying what part of China she’s in, for security reasons.
Tech firms around the world are in overdrive to help battle the coronavirus pandemic. Research showed that 6.5% of COVID-19 patients can suddenly progress to serious illness, and among them the mortality rate can be as high as 49%. Therefore one of the key tasks for health authorities is to identify and treat patients who […]
The Justice Department on Tuesday accused two Chinese hackers of stealing hundreds of millions of dollars of trade secrets from companies across the world and more recently targeting firms developing a vaccine for the coronavirus. The indictment, which officials expected to discuss at a news conference, says the hackers in recent months had researched vulnerabilities in the computer networks of companies publicly known for their work in developing vaccines and treatments. The indictment includes charges of trade secret theft and wire fraud conspiracy against the hackers, who federal