CORONAVIRUS IMPACT ON CHINA ECONOMY

[George Alex]

CORONAVIRUS IMPACT ON CHINA ECONOMY

ECONOMIC BUSINESS


WUHAN  city of China where the coronavirus outbreak emerged. Estimates vary on the exact size of the population, with local government officials putting the figure at 11 million, though UN data from 2018 says 8.9 million people live in the central Chinese city. Either way, the city is around the same size as London, but much bigger than Washington DC. One estimate makes it the 42nd biggest city in the world, and the seventh biggest in China.

The economic impact of the virus is still Hard to determine, but one state media outlet and some economists have said that China's growth rate could drop two percentage points because of the outbreak. A decline on that scale could mean $62 billion in lost growth, as China contended with rising debt and the fallout from its trade war with the United States.
Central and local governments have allocated $12.6 billion so far to spend on medical treatment and equipment. Some Banks in china have cut interest rates for most hit areas while Bank of China Encourage it would let people of Wuhan Area of CORONA VIRUS outbreak and rest of Hubei delay to their loan payments if they lost source of income due to the incident for several months.
Some Economist says China's economic growth may drop to 5 percent or even lower due to the coronavirus outbreak, possibly pushing policymakers to introduce more stimulus measures. The fast-spreading outbreak, which has killed more than 170 people and infected between 6,000 to 7000 in China, could cut first-quarter gross domestic product (GDP) growth by about 1 percentage point'.
"GDP growth in the first quarter of 2020 could be about 5.0 percent, and we cannot rule out the possibility of falling below 5.0 percent," Said Economist

CORONA VIRUS IMPACT ON DIFFERENT CRYPTO MARKETS

BITCOIN

As the virus spread, the BTC price grew sharply, reaching $9,439 on January 28, 2019. And always know the effect on the change of Bitcoin always followed by the different crypto markets like Ethereum, bitcoin, BTCH, etc The Question Remain to the community will the CORONA VIRUS  favor Crypto Market.    

MORE check on::    https://bizzysumbi.blogspot.com/

[fiulpro]

Firstly one should understand that it's not necessary that because of a virus outbreak bitcoins grew drastically.
No , it's nothing like that.
I do think it is because of the Halving which is gonna be here soon enough .
Yes there are certain factors that come into play and we cannot just individually sort everything out but I would say as long as a  virus outbreak is concerned it had maybe 1-10% hand in doing something like this .
Halving is a very major event that everyone has been waiting for since a long long time.
The Virus is pandemic but not that drastic it's just unknown.

[renuabened]

Remember how many other virus outbreaks we have in the last 10 years? People also talked about this, made their arrangements, etc. But now we don’t even remember what happened. But we are talking about a coronavirus, which it will also soon forget, because we will discuss something else.
I don't think that the coronavirus epidemic will somehow affect China. Even in China (where the virus began to move), not many people got the virus.

[AniviaBtc]

Remember how many other virus outbreaks we have in the last 10 years? People also talked about this, made their arrangements, etc. But now we don’t even remember what happened. But we are talking about a coronavirus, which it will also soon forget, because we will discuss something else.
I don't think that the coronavirus epidemic will somehow affect China. Even in China (where the virus began to move), not many people got the virus.

Although corona virus is not directly related to money, it still has an impact towards China's economy. Corona Virus is not joke that it is spreading faster and faster so people can easily get it when they go to an affected area. People will not go out in their houses because of the fear of having the disease, so the government advises the public not to go out. Many people will not go to work because it is safer not to go out. But the cryptocurrency is still the same because the use of blockchain technology in China doesn't require people to go out. It only needs your account and wallet but you can't withdraw money outside.

[FanatMonet]

Remember how many other virus outbreaks we have in the last 10 years? People also talked about this, made their arrangements, etc. But now we don’t even remember what happened. But we are talking about a coronavirus, which it will also soon forget, because we will discuss something else.
I don't think that the coronavirus epidemic will somehow affect China. Even in China (where the virus began to move), not many people got the virus.

Given that the incubation period is up to 14 days, the virus could easily spread quite widely around the world.
And if the coronavirus is so harmless, then why completely cut off from communication with the world, a city with a population of 11 million people?!
Everything can be much more dangerous than many people think.

[audaciousbeing]

Yes there will be an impact on the economy. Aside the direct impact of businesses closing shops, people being forced to take breaks and work from home  which translate to lower productivity couple with the inability to move across the city with every business that serves that purpose. That is the local impact to their economy. Outside the local economy is the amount of flight canceled which had earlier being billed to go there, the number of import and export activities that will be put on hold because of the virus without limiting the cost attached of containing the virus. Put all of these together, 2% prediction is just being economical with the truth.

[bitsurfer2014]

CORONA VIRUS IMPACT ON DIFFERENT CRYPTO MARKETS

BITCOIN

As the virus spread, the BTC price grew sharply, reaching $9,439 on January 28, 2019. And always know the effect on the change of Bitcoin always followed by the different crypto markets like Ethereum, bitcoin, BTCH, etc The Question Remain to the community will the CORONA VIRUS  favor Crypto Market.    

MORE check on::    https://bizzysumbi.blogspot.com/

I suppose there is no direct correlation between the NCoV outbreak and its effects to crypto markets, not unless a formal study is conducted systematically.

Now I'm inclined to believe that BTC and other crypto fundamentals are getting good that retail investors are now becoming more confident with crypto investing. I hope I'm right with that assumption.

[Wexnident]

It could be one, or it could be both (halving and virus). But there's really no way to know whether it affects it or not. I'm on the side of it having little to no effect though. Simply because, Corona virus was found early, and vaccines were made early. Not only that, before the spread of the virus to other countries, a lot of them were already quite prepared with what to do in terms of its spread in their countries.

Additionally, let's be real here. Investors and traders alike should know the repercussions of a virus, and so, would build up research upon its effects on the world so that they could take action depending on the results. Seeing as the virus is not at the stage where the whole world is in immediate danger, plus with the quick movements of various countries regarding the cure, It's highly unlikely that investors would try and use BTC as an escape towards the economy of China through buying them out continuously.

[philipma1957]

Remember how many other virus outbreaks we have in the last 10 years? People also talked about this, made their arrangements, etc. But now we don’t even remember what happened. But we are talking about a coronavirus, which it will also soon forget, because we will discuss something else.
I don't think that the coronavirus epidemic will somehow affect China. Even in China (where the virus began to move), not many people got the virus.

Given that the incubation period is up to 14 days, the virus could easily spread quite widely around the world.
And if the coronavirus is so harmless, then why completely cut off from communication with the world, a city with a population of 11 million people?!
Everything can be much more dangerous than many people think.

They isolated 6 cities over 62,000,000 not 11,000,000

This will set China backwards.  How backwards?

Depends if it grows to 200 or 300 million or starts to shrink down from 62 million to normal numbers.


Actual victims of virus appears to be under 100,000 . With under 1000 dead.

Hard to tell how bad it will get.

[zabizana]

CORONA VIRUS IMPACT ON DIFFERENT CRYPTO MARKETS

BITCOIN

As the virus spread, the BTC price grew sharply, reaching $9,439 on January 28, 2019. And always know the effect on the change of Bitcoin always followed by the different crypto markets like Ethereum, bitcoin, BTCH, etc The Question Remain to the community will the CORONA VIRUS  favor Crypto Market.    

MORE check on::    https://bizzysumbi.blogspot.com/

I suppose there is no direct correlation between the NCoV outbreak and its effects to crypto markets, not unless a formal study is conducted systematically.

Now I'm inclined to believe that BTC and other crypto fundamentals are getting good that retail investors are now becoming more confident with crypto investing. I hope I'm right with that assumption.

I agree with you! The price increase in the current crypto market tends to be driven by Halving, as mentioned by @fiulpro above.

Coronavirus outbreaks should not be a factor in rising prices on the crypto market, because if so, (maybe) someone would expect another virus outbreak to occur.

[avikz]

Remember how many other virus outbreaks we have in the last 10 years? People also talked about this, made their arrangements, etc. But now we don’t even remember what happened. But we are talking about a coronavirus, which it will also soon forget, because we will discuss something else.
I don't think that the coronavirus epidemic will somehow affect China. Even in China (where the virus began to move), not many people got the virus.

Corona virus impacton China's economy will be temporary. But if you think that there will be no impact on the economy, then you are wrong. You can start with the Shenzhen Stock exchange index and Shanghai stock exchange index.

Shenzhen stock exchange:
22 Jan - 11072
3 Feb - 9779

Shanghai stock exchange:
22 Jan - 3060
3 Feb - 2746

However, this trend is not going to last forever. The impact will be temporary!

[wozzek23]

I don’t know that for sure. Before the start of this year the predictions were that the increase of Bitcoin will come from the halving. And those predictions have been made before the Corona virus outbreak. During the outbreak some people started saying that there is going to be a fall in the Bitcoin price due to the Corona virus and that never happened, instead the price of Bitcoin kept going up and then they started saying the situation will make the price of Bitcoin to increase lol.

People are seriously confused. I would say that this has nothing to do with Bitcoin, the only thing I think is causing her price to go up is due to the Halving that’s approaching.

[mersal]

Remember how many other virus outbreaks we have in the last 10 years? People also talked about this, made their arrangements, etc. But now we don’t even remember what happened. But we are talking about a coronavirus, which it will also soon forget, because we will discuss something else.
I don't think that the coronavirus epidemic will somehow affect China. Even in China (where the virus began to move), not many people got the virus.

Corona virus impacton China's economy will be temporary. But if you think that there will be no impact on the economy, then you are wrong. You can start with the Shenzhen Stock exchange index and Shanghai stock exchange index.

Shenzhen stock exchange:
22 Jan - 11072
3 Feb - 9779

Shanghai stock exchange:
22 Jan - 3060
3 Feb - 2746

However, this trend is not going to last forever. The impact will be temporary!

I don't think this is going to be temporary and not only will affect the Chinese economy.We all knows that still there is no cure found for the virus so its still spreading and all over the world the reports of affected people keep coming.

China exports lot of goods over other countries so if their country stops doing this then the prices of these goods will increase but for other country people it may not be affordable to buy and also the tax income from those products will get affected for importing countries.

[fortunecrypto]

It will have an impact on the economy, right now the province of Wuhan is lockdown and there are no ongoing trade or business going on on that city, and the whole Chinise business all over the globe and on China suffers because they cannot send their goods and workers cannot work because of this epidemic and other nations are restricting the flow of Chinese citizen and products in their country.

[jentak]

It will have an impact on the economy, right now the province of Wuhan is lockdown and there are no ongoing trade or business going on on that city, and the whole Chinise business all over the globe and on China suffers because they cannot send their goods and workers cannot work because of this epidemic and other nations are restricting the flow of Chinese citizen and products in their country.

And recently Chinese governments printed more money to survive a critical moment.
That obviously lead to yuan weakening and with that being said we already can tell - coronavirus affected China's economy at this point

[passwordnow]

It makes everyone wonder if there's really an effect to the bitcoin economy about this virus but until now, there's no validation with that. Let's go back to China's economy. Because of the closure of other borders and isolating the affected areas, this is now one of the effect of it;
Chinese stocks suffer worst day since 2015 on coronavirus fears

[NavI_027]

As the virus spread, the BTC price grew sharply, reaching $9,439 on January 28, 2019. And always know the effect on the change of Bitcoin always followed by the different crypto markets like Ethereum, bitcoin, BTCH, etc The Question Remain to the community will the CORONA VIRUS  favor Crypto Market.    

When we are talking about a country's economy, this kind of epidemic definitely ruin their economy. Imagine, their country freeze for a while; the businesses are on halt, the financing is affected and as well as manpower. So technically speaking, their economy in this time is on decline for sure. However, the crypto market is not working the same with the other, it will not be affected or at least only got minimal damage since it exists in th Internet. Actually this might be in favor of crypto because Chinese investors (whether whales or small) are likely forced to isolate inside their rooms and face the monitor which means more time for them to deal with crypto .

[abhiseshakana]

There is no correlation between the coronavirus and the ups and downs of the price of bitcoin. The Coronavirus happens to be attacking China, whose economy is slowing due to a trade war. The key question now is how bad is the impact of the coronavirus on the Chinese economy. It is difficult to get reliable data from China. Usually, during the Chinese New Year period, it is difficult to measure how many people are working or producing goods.

The impact of the virus that has made large cities fully or partially isolated. Isolation can harm growth if it lasts for a long time. As an exporter of fresh seafood products (mud crabs, pearl lobsters, and red coral trout) to China and Hong Kong, I really feel the impact of the Coronavirus, which is falling demand and price damage, usually before the Chinese New Year prices go up but this year prices are down.

What is clear is that various measures to control the virus will incur a lot of costs that will affect the ignition of the Chinese economy in the first quarter and will have long-term effects. The extension of the new year's holiday period also affected output productivity in the first quarter. Isolation causes limited transportation channels and will have an impact on tourism, transportation, retail and food distribution throughout China. So in essence, state spending is increasing but revenue revenues are reduced because of the Corona outbreak.

Hopefully, the high impact of the Coronavirus is only short term and can be overcome immediately.

[Negotiation]

I agree with you that China and China's economy are under threat due to coronavirus It has spread to about 14 countries in Wuhan, China. 106 people died in China Researchers believe that around six million people can be killed if the virus spreads around the world. If the whole country is spread they will lose their working power and the economy will be disrupted.

[Ailmand]

A lot of people already died in China, specifically in Wuhan. And in some countries, they are starting to be cautious of the virus since the number of casualties and the number of people getting confirmed infected of the virus is increasing. China's economy had been stricken hard due to this. I believe there is an indirect correlation between the economy and the crypto market.

Investors decision in regards to crypto investment will depend and is affected by the current state of the economy. It may not significantly affect the market but still it can have an impact.