The resumption of production in China provides a promising outlook to the European economy which is taking a beating from the Covid-19 pandemic.
People stand in line at the booth of French cosmetics maker L'Oreal during the second China International Import Expo in Shanghai, China Nov 6, 2019. The French cosmetic giant has gradually reopened its operation sites in China with strict precautions in place following the Covid-19 outbreak. - Reuters
As of Saturday , there have been more than 40,000 confirmed cases in 42 European countries, among which Germany has reported 3,795. "Given the context, the full-year data for 2019 is a positive development. But it won't be enough for the economy to survive the blows from coronavirus," Massimo Baldini, professor of economic science at the University of Modena and Reggio Emilia, told Xinhua.As of Saturday, the number of infections in France has reached 4,500. The Bank of France has reduced the country's expected economic growth rate in the first quarter from 0.3 per cent to 0.
Although the magnitude of the economic shock from Covid-19 is highly uncertain, activity is likely to weaken materially in Britain over the coming months, the bank said. To Jochen Goller, president and CEO of BMW Group Region China, it is good news that the German carmaker's offices in China reopened on Feb 3 and its plant in China resumed production on Feb 17.
Fabrice Megarbane, president and CEO of L'Oreal China, told Xinhua that since Feb 10, the French cosmetic giant has gradually reopened its operation sites in China with strict precautions in place. To many European businesses and experts, the gradual resumption of production in China has been a silver lining against the backdrop of an ongoing global pandemic.
With close trade links with China, the British economy, especially its manufacturing industry, is expected to benefit from the recovering Chinese economy, Mao Xuxin, principal economist at London-based economic think-tank the National Institute of Economic and Social Research, told Xinhua.
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