Recent indications suggest that the coronavirus (COVID-19) outbreak in China appears to be virtually contained. Even though there are still new imported infection cases, China’s reported local infections have remained near zero for a significant period. Existing confirmed cases dropped to around 2,000 on 31st March from over 80,000 in February.1 With the situation improving, more and more Chinese people have returned to work.
Industries are resuming to production
Most companies in China have resumed operations gradually since early March. According to the Ministry of Industry and Information Technology, around 99% of large-scale enterprises and over 76% of small- and medium-sized companies had restarted work as of 30th March.2 Furthermore, 85% of leading industrial industries in Hubei, the most severely affected province in China, have also returned to operation.3
Although not all companies are operating at their full capacities currently, China is gradually recovering. As a result, China’s official purchasing managers’ indexes rebounded in March, showing signs of a potential speedy recovery.