With much of China's economic heartland still closed, concerns are growing over the impact to the Chinese economy. The Shanghai and Shenzhen stock markets — which have been closed since January 24 — plunged by around 10% on opening Monday.
It quoted a former chief economist at the Asian Development Bank saying that while the economic impact in the first quarter will likely be big, perhaps driving nationwide annual growth down a percentage point,"it will be substantially offset by above-the-trend growth in the rest of the year if the epidemic can be contained soon.
Lam said the main land borders at Lo Wu and Lok Ma Chau would shut as of midnight tonight, as would the Hong Kong-Macau Ferry Terminal. Major airlines — including British Airways, American Airlines, Air Canada and Lufthansa — have canceled or slashed routes to China for the foreseeable future.
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Source: manilabulletin - 🏆 25. / 51 Read more »
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