Xinhua Net interviews Prof Xiaolan Fu on the impact of Corona Virus on the Chinese economy
TMCD Director, Prof Xiaolan Fu was recently interviewed by Xinhua Net to analyse the impact of the Corona virus epidemic on the Chinese economy. Prof Fu said that while the epidemic has affected global value chains, it will also provide China some opportunities within global value chains.
According to Prof Fu, some companies that are affected by the epidemic have stopped work and production while some countries and regions imposed restrictions on the movement of people. These actions have affected the global operations of some multinational companies and may be transmitted to the upstream and downstream of manufacturing through the global value chain.
However, she pointed out that the division of global value chains has been changing, driven by factors such as the development of new technological revolutions and the pursuit of manufacturing returns in Europe and the United States. For example, in the global value chain, China has gradually shifted from labor-intensive industries to important intermediate product production and high-tech manufacturing product assembly. After the outbreak, industrial Internet, artificial intelligence, 5G-related technology applications, and medical and health industries may achieve new breakthroughs.
At present, China is promoting an orderly resumption of work and production. Professor Fu Xiaolan said that this will help China stabilize economic growth, ensure the continuity of people's lives and sustain China's foreign economic and trade cooperation. It will also have important significance for restoring the normal operation of local and global supply chains and the stability of international markets. You can read more here.