COVID-19: FDI in China drops by 8.6 percent in Jan-Feb


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The Chinese Embassy in Nigeria said that Foreign Direct Investment (FDI) in China dropped by 8.6 percent between January and February following the outbreak of the coronavirus code-named COVID-19.

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This is according to the embassy’s ‘Newsletter on Fighting COVID-19′ released in Abuja.

FDI is an investment in the form of controlling ownership in a business in one country by an entity based in another country.

“FDI totalled 134.4 billion Yuan (about 19.2 billion U.S. dollars) for January and February into the Chinese mainland fell by 8.6 per cent year-on-year in the first two months of 2020 as a result of the novel coronavirus outbreak and extended Lunar New Year holidays,” it said.

It added that China’s Central Bank announced on Friday, March 13 that it would cut the Reserve Requirement Ratio (RRR) for some banks with effect from March 16 and boost lending support for small companies hit hard by the coronavirus outbreak.

The embassy said that China scored key gains in epidemic control in a steady and positive trend.
“On March 12, on Chinese mainland, (there were) 8 confirmed cases (including 3 imported cases, cumulative 80,813), 7 fatal cases (cumulative 3,176), and 33 suspected cases (in total 147 suspected cases pending test results).

“(There were) 1,318 cured and discharged cases (cumulative 64,111).

“Hong Kong SAR 2 confirmed cases (cumulative 131, including 75 cured and 3 fatal), Macao SAR 0 case (cumulative 10, all cured), and Taiwan Province 1 case (cumulative 49, including 20 cured and 1 fatal),” it said.

It said that masks were free trade products and that China had never imposed any restrictions on the export of masks and related raw materials.

It expressed China’s readiness to offer medical supplies including masks for relevant countries within its capacity.

“A charter flight carrying 9-member Chinese aid team, along with tonnes of medical supplies arrived at Rome’s Fiumicino Airport as part of China’s efforts to help Italy contain the novel coronavirus outbreak,” it said.

It said that the United Nations Secretary General, António Guterres had praised China for helping countries currently in difficulties to tackle COVID-19.

“The world body appreciates China’s sharing of experience in epidemic prevention and control with developing countries and provision of such valuable assistance as medical supplies, vaccines and medicines,” it noted.

It, however, said that the G20 countries would enhance cooperation and coordination to control the outbreak, protect people, mitigate the economic impact, and maintain economic stability, while avoiding stigmatisation.

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