CHINA A GAINER IN PANDEMIC OUTBREAK, STARTS REFURBISHING IMAGE
Eastern nation China has emerged as a clear cut gainer financially, after the outbreak of the COVID19 pandemic. Like many other countries, it may also have lost thousands of its people to the fatal coronavirus but coffers of its bluechip companies are flush with funds. The country’s economy has reportedly dipped by 6.8% but the land of the dragon has realized that it has to make special efforts to pull up its public relation stocks especially when the world including the United States and other big nations like India are blaming it for the spread of the dreadful virus, the world over.
Putting a stamp on its country’s rising financial might, people’s bank of China (PBOC) purchased 17.5 million shares India’s biggest mortgage lender, housing development finance corporation (HDFC), which surprised everyone in the financial market. The shares with a value of US dollars 400 million, may not be a huge amount for the Chinese economy, but it sets a positive note. Apart from PBOC, China’s central bank had already bought a 0.8% share of HDFC since March 2019.
By an estimate the world economy has suffered a dent of US dollars 408 billion, the HURUN list by British chartered accountant Rupert Hoogewerf has shown Chinese taking over the billionaire’s list.
China native, American citizen Eric Yuan founder of Zoom application has seen his wealth skyrocketing to 77% touching net worth of dollars 8 billion, from 3 billion in two months. Though embargos have been imposed on the social application which suddenly became hit with anyone who wants to converse with a group of people. Zoom has taken over all social sites and is a household name.
Chinese Alex Xu founder of Mindray is supplying ventilators to the entire world, has seen rise in wealth by 26% to US dollars 13.5 billion in just two month time.
Animal feed manufacturer Liu Yonghao also from China has seen net worth rising by 20%to dollars 15 billion.
Another Chinese Qin Yinling Chairman of Muyuan has seen money multiplying in his coffers by 16% to dollars 22 billion. Experts are saying the world over business tycoons are losing but Chinese are gainers and the trend needs to be investigated.
Contrary to the success in the East, America’s Jeff Bezos of the Amazon has witnessed a fall in net worth by dollars 9 billion and Bernard Arnault’s net worth fell by dollars 30 billion.
Similarly the net worth of Amancio Zara owner of Zara group fell dollars 17 billion and Mexican businessman Carlos Slim had to shed 24% of his wealth witnessing a meltdown of dollars 17 billion wealth.
Indian business lord Mukesh Ambani is no longer among world’s ten richest, Ritesh Agarwal founder of Oyo hotels is no longer youngest billionaire as his company’s evaluation dropped to dollars 6 billion from 10 billion dollars. Also, Gautam Adani lost 37% of his 6 billion worth, Shiv Nadar HCL founder suffered loss of 26% and banker Uday Kotak lost dollars 4 billion out of his net worth.
As an intelligent step, the country which is run from Beijing has started earnest attempts to rebrand its image.
As a pilot of an international airline company revealed dissectit, the cargo planes from the entire world are queuing up in Shanghai to take medical supplies, PPE kits and ventilators and other essential equipment to fight coronavirus.
This is part of Chinese outreach programme, to help countries who are in the thick of the Covid 19 pandemic outbreak.
The move to blame China for the current mess the world finds itself in began in the United States with President Donald Trump’s critical public utterances, who named it Chinese virus. Subsequently, it has found takers for the virus theory in many other countries.
The first sign of the Chinese counter-move to the ongoing campaign became visible in India ten days ago when a consignment of medical supplies arrived in Delhi. It was to help India deal with the Coronavirus pandemic.
The Chinese gesture can also be seen as returning the favour done to it by India. Last month India had sent 15 tonnes of medical supplies to Wuhan, the capital of China’s Hubei province from where the Covid-19 virus is widely believed to have originated.
It has been sending doctors and medical supplies also to other parts of the world. Many critics, however, see it as an attempt on Beijing’s part to re-brand itself as not as the problem but the solution of the Covid-19 pandemic.