OPINION
Published 7 hours ago
Helen Raleigh: Coronavirus outbreak will have an immense long-term impact
OPINION - By Helen Raleigh | Fox News
China ousts top Communist Party officials amid outrage over coronavirus response
China has been hobbled by the mysterious coronavirus that emerged in the central city of Wuhan; the ruling Chinese Communist Party is taking aggressive measures to regain control of the situation.
Leading infectious disease experts in China predict that the coronavirus may peak this month. I pray that scientists and medical professionals will find a cure for this deadly virus soon. The coronavirus outbreak will have a lasting impact on China and the rest of the world long after the virus is contained.
The first impact is the deepening and widening of the "decoupling" effect. President Trump's trade war with China kick-started a "decoupling" of the two largest economies in the world. U.S. manufacturing companies have begun to move their factories and supply chains out of China during the trade war in order to avoid higher U.S. tariffs on imported goods from China. Now with so many Chinese factories and businesses on an extended break due to the spread of the coronavirus and a number of countries including the U.S. imposing travel restrictions to and from China, more industries and more countries are rethinking whether they also need to decouple from China.
For example, China is one of the major auto parts suppliers in the world. Automaker Hyundai had to shut its assembly plants in South Korea recently because it couldn't get the auto parts it needed from China, as suppliers in China remain closed. Other automakers are working on a plan B to secure auto parts they need to keep their own operations going. Businesses worldwide, from auto companies to hockey stick makers, have learned the downside of relying on one country to supply so many things they need. Not only is the decoupling of the U.S. and China's economies irreversible, but also the decoupling will likely expand to include other nations as well. Be ready to see more global supply chains shift out of China.
FAST-FOOD COMPANIES IN CHINA IMPLEMENT 'CONTACTLESS' DELIVERY, PICKUP IN WAKE OF OUTBREAK
The decoupling will contribute to the second long term impact -- that China may be permanently stuck in the "middle-income trap," an economic phenomenon in which a rapidly growing economy stagnates at the middle-income level and fails to transition into a high-income economy. The World Bank defines the "middle-income" economy as one where per capita income is between $1,000 to $12,000 per year at constant prices. By this definition, China has been a "middle-income" economy for more than two decades.
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READ MORE: https://www.foxnews.com/opinion/coronavirus-outbreak-will-have-an-immense-long-term-impact-helen-raleigh
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There are calls in China for more protection for freedom of speech. But the Chinese government has made sure those who dare to speak up pay a dear price. Two Chinese citizen journalists disappeared recently after posting footage of heartbreaking scenes from Wuhan, the epicenter of the coronavirus. It is unlikely we will see millions of Chinese take to the streets like Hong Kongers. But many people are so disappointed and angry with the government that they will leave China after the outbreak is over and seek a new safe haven for themselves and their families. Therefore, expect to see mass migration and capital flight out of China.
We will learn more in the coming days of the real impact of the coronavirus on China and the rest of the world. One thing we have already learned is that when China sneezes, the rest of the world gets more than just the cold.
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Chân thành cám ơn Quý Anh Chị ghé thăm "conbenho Nguyễn Hoài Trang Blog"
Xin được lắng nghe ý kiến chia sẻ của Quý Anh Chị trực tiếp tại Diễn Đàn Paltalk: 1Latdo Tapdoan Vietgian CSVN Phanquoc Bannuoc .
Kính chúc Sức Khỏe Quý Anh Chị .
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