KEY MEETING: GET NATION BACK TO WORK

A key Party meeting on Friday pledged greater efforts to expand domestic demand, increase investment and help small and medium-sized enterprises survive the COVID-19 pandemic with normalized containment measures in place.

The Political Bureau of the Communist Party of China Central Committee underlined the importance of preventing a possible domestic rebound of the outbreak and stabilizing economic fundamentals while ensuring the people's basic living needs are met.

The meeting presided over by Xi Jinping, general secretary of the CPC Central Committee, called for efforts to help businesses get back to work and production at full capacity, restore the normal economic and social order and foster new growth points while continuing epidemic containment measures on a regular basis.

It is important to unleash the potential of consumption, enable businesses to resume operations, boost consumer buying and appropriately raise public spending, said a statement released after the meeting.

To bolster investment, the country will carry out renovations of old residential communities, ramp up investment in traditional and new types of infrastructure, spur the upgrading of traditional sectors and boost investment into emerging strategic sectors, the statement said. More work must be done to spur private investment and encourage exporters to explore the domestic market.

The meeting called for quicker steps to carry out measures such as tax cuts, fee reductions and lowering of financing costs and rents to boost SMEs, which account for about 80 percent of urban employment. The country must maintain the stability and competitiveness of its industry and supply chains with efforts to coordinate the resumption of business operations at full capacity within industry chains, the statement said.

Meeting participants noted that the first quarter has been highly unusual, given the sudden outbreak of COVID-19 causing unprecedented disruptions to social and economic development.

However, the Chinese economy has shown great resilience, with business operations now approaching or reaching normal levels and the pandemic spawning new sectors and business models and pushing the growth of other sectors, the statement said.

The meeting also highlighted the unprecedented challenges in economic growth, saying that difficulties, risks and uncertainties must be fully reckoned with.

To consolidate sustained momentum in epidemic containment, the meeting urged more tightened, concrete and detailed measures to carry out containment measures on a regular basis.

Hubei province and its capital, Wuhan, must ensure that key groups of people receive nucleic acid tests across the board and other groups can obtain tests of their own volition. The test results and isolation measures must be mutually recognized between the province and other provincial areas, the statement said.

ECONOMY REBOUNDING AFTER DROP

China's economy experienced a deep contraction in the first quarter due to disruptions caused by the novel coronavirus outbreak, but major economic indicators improved substantially in March, indicating the country's recovery has gained a firmer footing, officials and economists said on Friday.

Supportive government policies are expected to intensify in the coming quarters to expand domestic demand by stimulating investment and consumption as the global spread of the virus may bring more headwinds to the world's second-largest economy.

China's GDP in the first quarter contracted by 6.8 percent from a year earlier, according to the National Bureau of Statistics.

While it remains unclear whether the government will still set a GDP growth target for the year, economists said China's policy priority for the next step needs to focus on stimulating demand and stabilizing employment to facilitate a sustainable economic recovery.

More proactive fiscal policies and more accommodative monetary policies are needed to prevent the economy from experiencing a second wave of disruptions caused by the global economic downturn amid the COVID-19 outbreak, they added.

The country's industrial production shrank by 8.4 percent year-on-year in the first quarter, but the decline narrowed from a 13.5 percent drop in the first two months, according to the NBS.

Fixed-asset investment, which includes infrastructure and real estate investment, declined by 16.1 percent year-on-year during the first quarter, compared with a 24.5 percent plunge in the first two months.

The outbreak created a severe blow to the country's economy in the first quarter, but major economic indicators rebounded in March and the country's economic performance will improve further in the second quarter, NBS spokesman Mao Shengyong said at a news conference in Beijing on Friday.

The government will step up policy support to expand domestic demand by increasing effective investment and releasing consumption potential. More tax relief and financial aid will be offered to businesses to help them resume production and make it through the difficult times, Mao said.

The Chinese stock market rose on Friday with the benchmark Shanghai Composite Index up by 0.66 percent to close at 2,838.49 points as the first-quarter economic contraction was broadly in line with investors' expectations.

Lian Ping, chief economist at Zhixin Investment, said the government needs to intensify policy support to prevent the economy from suffering a second wave of blows from the global economic downturn and possible collapse of external demand.

Chinese companies, including exporters, have seen an increase in cancellations of orders. While most large enterprises have resumed production, according to NBS calculations, many smaller companies are still struggling to resume work under rising financial difficulties and labor shortages.

SCIENTISTS: VIRUS MUTATING, BUT WON'T AFFECT DRUG, VACCINE WORK

Scientists are now aware that the novel coronavirus is changing its genetic makeup slightly, but the rate of mutation is slow and no evidence of a change in the virus's biology has been found, meaning these minor mutations will not affect current drug and vaccine development, scientists have said.

However, viruses mutate naturally as part of their life cycle, and scientists should pay more attention to mutations that can lead to drug resistance in the long run, Lan Ke, director of the State Key Laboratory of Virology in Wuhan, told China Science Daily, a newspaper run by the Chinese Academy of Sciences.

"Generally speaking, a random mutation has to occur on a relatively less vital part of the viral genome in order to be passed down," he said. "If a mutation occurs on key parts of the genome, such as those related to replicability, the survivability in future copies will likely decrease."

The coronavirus tends to mutate slower compared to other ribonucleic acid viruses, so it will need more time for these small, cumulative changes to alter its function, he said.

At the same time, current drug and vaccine research against the virus focuses on its key genomes and antigens, which have been stable. "So at this moment, the risk of viral mutation undermining vaccine and drug development is low."

Lan's remarks came amid a recent study by scientists from Australia and Taiwan of China claiming a coronavirus strain isolated in India carried a mutation that could hinder global vaccine research.

The non-peer reviewed study said the change had occurred in part of the spike protein, a vital part of the virus's exterior that allows it to bind with and enter human cells.

The authors claimed the study has shown that mutation can indeed happen on key parts of the virus, and warned that "current vaccine development against Sars-Cov-2 is at great risk of becoming futile."

However, other experts have pointed out that the startling mutation may be due to technical error during the sequencing process. The results were also produced via computer simulation, which also raised many eyebrows, and lab experiments are needed to verify the claims.

Last month, Zhou Qi, deputy secretary-general of the Chinese Academy of Sciences, said the virus's mutations require further research, and China is conducting a coordinated research effort to evaluate the virus and develop a vaccine.

"All research is under control," he said. "The mutations that we now know have not affected our drug, antibody or vaccine development. We will keep monitoring the mutations the virus generates and plan related research projects accordingly."

PUDONG STILL GROWING 3 DECADES ON

Three decades after opening-up, Shanghai's Pudong New Area has transformed from paddy fields to a bustling urban area of glistening skyscrapers, achieving many firsts and leading the transformation of the municipality and even the entire nation.

The State Council announced in April 1990 the launch of Pudong and implemented policies designed for economic and technological development zones and also utilized some measures practiced in special economic zones.

The China (Pilot) Free Trade Zone in Pudong, which was the country's first FTZ, was officially unveiled in September 2013. Up to 100 policies first tested in Pudong, such as the negative list mechanism for foreign investment, have now been promoted nationwide.

During a forum in September, Shanghai Party Secretary Li Qiang described the Shanghai FTZ as a platform through which world leading innovations will be incubated.

The bustling 31-square-kilometer financial district of Lujiazui in central Pudong is another major feature. Official statistics show that more than 870 domestic commercial banks, securities firms and insurance companies have set up branches or subsidiaries in Pudong.

Meanwhile, up to 41 percent of the foreign banks and over 90 percent of the foreign private equity firms registered with China's financial regulator have set up offices in Pudong. Of the world's 10 largest asset management firms, nine of them have a presence in Pudong.

In December 1996, Pudong became the first area to allow foreign banks to carry out renminbi services.

"As the functions of each part of Pudong were defined by that time−such as Lujiazui assuming financial functions−combined with the fact that People's Bank of China Shanghai branch moved to Lujiazui in June 1995, many foreign banks began moving to Lujiazui in 1997," said Pei Yigen, former deputy head of Citibank in China.

Saxo Bank opened its China office in Lujiazui in 2015. Although a comparative latecomer, the Danish bank understood that the phenomenal development of Pudong not only underpinned Shanghai's status as a financial center in China, but also globally, according to the bank's China CEO Xu Fan.

Pudong has also been a magnet for multinational companies. The area attracted $8.6 billion in foreign investment in 2019, up 10.2 percent year-on-year. By the end of March, a total of 730 multinational firms had set up regional headquarters in Shanghai, half of which are in Pudong.

In 2003, Honeywell moved its Asia Pacific headquarters to Zhangjiang Hi-Tech Park in Pudong. The United States conglomerate increased its investment in China in 2016 to expand its office area.

Honeywell's presence in Pudong has been conducive to the company's sustained development in China, said Scott Zhang, president of Honeywell China.

"China is now Honeywell's largest market outside the US. It is our hope to carry out more profound cooperation with Pudong-based Chinese domestic companies, such as Commercial Aircraft Corporation of China. The solid groundwork that we have laid in Pudong will continue to drive our development in China, playing a crucial role in our integration into the country's digital economy," he said.

The growing number of commercial properties has also indicated how Pudong has prospered over time. According to global property services provider Jones Lang LaSalle, there were about 1.52 million square meters of class-A office space available in the central business area of Pudong in 2009. The number exceeded 3 million by the end of 2018.

Eddie Ng, managing director of JLL East China, said that although global economic uncertainties have multiplied due to the spread of the novel coronavirus, Pudong has been quite experienced in tackling crises.

CHINA SENDS MORE MEDICAL AID TO SRI LANKA AMID COVID-19 PANDEMIC

A fresh batch of medical aid donated by China arrived at the Bandaranaike International Airport on Friday evening, as the government of China and its people stood firmly with Sri Lanka in the country's battle against the COVID-19 pandemic.

The Chinese Embassy said in a statement that the donation included 20,000 test kits, 10,000 N-95 masks, 100,000 surgical masks, 10,000 protective clothing, 1,000 goggles and 50,000 surgical gloves which arrived onboard a Chinese Eastern Airline flight.

The embassy said the plane departed Shanghai with no passengers but full of medical supplies as well as love and solidarity from China to Sri Lanka.

While departing from Colombo, the embassy said 172 guests boarded the return flight to Shanghai.

The Chinese government has in recent weeks sent medical aid to Sri Lanka, which was distributed to the health workers who were in the front lines to battle the COVID-19 pandemic.

Prime Minister Mahinda Rajapaksa, in a recent statement on his official Twitter account, thanked the Chinese government for its continued assistance in the battle against the coronavirus and also appreciated the Chinese Eastern Airlines for flying the relief packages into the country.

WUHAN FINDS 182 ASYMPTOMATIC CASES AFTER TESTING OVER 270,000

The city of Wuhan has recently conducted more than 270,000 nucleic acid tests, among which 182 were found to be cases carrying the novel coronavirus but showing no symptoms, a local newspaper reported.

Wuhan, the capital city of China's hardest-hit Hubei province, tested a total of 275,400 people from April 8 to April 15, finding that 182 were asymptomatic, equivalent to 6.6 asymptomatic cases for per 10,000 people, according to Changjiang Daily.

The Wuhan Municipal Health Commission said the tests were conducted mainly among people who will soon resume work in Wuhan or who will leave Wuhan to work in other cities in China.

"At present, Wuhan has a total of 53 nucleic acid testing institutions and 211 venues for sample collection. With a daily capacity of 40,000 tests, the demand from Wuhan residents who are willing to be tested will be well met," a staff member of the Wuhan health commission was quoted as saying.

The commission requested that asymptomatic cases should be tested and reported in a timely manner, and investigations to trace sources should be finished within 24 hours.

According to regulations from the State Council, China's cabinet, asymptomatic cases will be quarantined for 14 days for medical observation and those who develop symptoms during this period of time will be treated as confirmed infections.

Only those who don't show any symptoms in the 14 days and get negative results in two nucleic acid tests will be discharged from observation.

TESTS REQUIRED OF ALL PATIENTS IN HEILONGJIANG

All patients and their companions must conduct coronavirus tests before being hospitalized for any reason in secondary hospitals or above in Heilongjiang province, the province's health commission authorities announced at a news conference on Thursday.

Since April 9, the province has reported 26 confirmed cases of locally transmitted COVID-19 and 21 local asymptomatic cases. All the confirmed cases and 20 of the asymptomatic cases were in the capital city, Harbin.

"Some medical workers from First Affiliated Hospital of Harbin Medical University and Harbin Second Hospital were infected," said Zhao Yuhui, an official of the Heilongjiang Health Commission. "To prevent any cross-infection in hospitals, patients will be placed in separate wards after their tests. Only after removing their infection risks can different patients be placed together."

An 87-year-old male who was treated for a cerebral stroke transmitted the coronavirus to several patients and their family members, the commission said. The case was diagnosed on April 10.

On Thursday, the city reported 11 new asymptomatic cases, including the infection of six nurses.

"All the cases in Harbin manifest the clear characteristics of cluster infections," said Liu Nan, a commission official. "A total of 2,051 related close contacts and high-risk people have been placed in quarantine, and we have finished coronavirus testing for 1,855 of them."

The Chinese mainland reported 11 new locally transmitted infections on Thursday, including five in Guangdong, three in Heilongjiang, two in Shandong province and one in Liaoning province.

THOUGHT FOR THE DAY

Reflect on your present blessings, of which every man has many; not on your past misfortunes, of which all men have some. - Charles Dickens