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China To Expand Imports Of Meat, Other Goods To Tackle Shortages

Published on Feb 10 2020 10:38 AM in Supply Chain tagged: Trending Posts / China / Meat / Coronavirus

China To Expand Imports Of Meat, Other Goods To Tackle Shortages

China will expand imports of meat and other goods key for the public's livelihood in order to address shortages, an official at its commerce ministry said on Monday, amid a coronavirus outbreak that has disrupted the country's economy.

Zhu Xiaoliang, director-general of the ministry's market system development, made the comments during an online briefing.

Elsewhere, China's central bank has taken a raft of measures to support the economy, including reducing interest rates and flushing the market with liquidity. From Monday, it will provide special funds for banks to re-lend to businesses working to combat the virus.

'Expected Slowdown'

Despite the measures, analysts expect the world economy to take a hit from an expected slowdown in China.

"For now, our best guess is that the economic disruption related to the coronavirus will cost the world economy over $280 billion in the first quarter of this year," Capital Economics said in a note on Friday.

"If we're right, then this will mean that global (economic output) will not grow in q/q terms for the first time since 2009."

News by Reuters, edited by Donna Ahern, Checkout. Click subscribe to sign up for the Checkout print edition

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