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China Says Coronavirus Cases Rise to 70,548, Deaths Hit 1,770

China Says Coronavirus Cases Rise to 70,548, Deaths Hit 1,770
Tom let me start with you because we had heard from the head of a hospital in Wuhan City that perhaps a turning point had been reached when he came to these new infections now you're on the ground in Beijing you have been around the capital is that the sense that you get there well the sense I get here talking to Chinese friends and contacts is that they really don't trust the numbers that are coming from the government in terms of the rated infections look the latest numbers for today
china says coronavirus cases rise to 70 548 deaths hit 1 770
an additional 2048

cases

as you say globally they're more than seventy thousand

cases

and as you rightly point out in the death toll according to these data points at least one thousand seven hundred and seventy but there's a lack of trust certainly here on the ground amongst people when it comes to the infection rate and whether or not that frankly they can believe the government on these numbers in terms of the policies to further restrict the movement of people we're seeing that
on the ground here in the capital we went outside of the city there are roadblocks in place now preventing people who are not residents of villages or townships from entering those places roads that are sealed off so clearly officials here in the capital on the outskirts are concerned that this virus could spread here and in Wuhan and who Bay specifically of course we've seen more draconian measures put in place by officials there who have told families that they are not allowed to leave
their homes unless it's an emergency and that private cars are banned from the entire province a population of 60 million people and most businesses there as well are to remain closed you talked about the PBOC the MLF operations of course the central bank has been keen to ensure there is enough liquidity in the system to ensure there aren't financial shocks particularly to the market and what we heard from the finance minister over the weekend was that he wants to see additional cuts to
taxes and fees but really that raises the question of how much firepower

China

really has in terms of fiscal stimulus given that we know the provinces in terms of their revenue streams are already constrained and so that raises another question will

China

have to raise its deficit ratio as well something will be looking ahead - yeah with the business and factory shutdowns just know tax revenue coming in at the moment right Vaughn let me get to you it's not just

China

talking about these
china says coronavirus cases rise to 70 548 deaths hit 1 770
fiscal planning measures or fiscal expansion measures we're also hearing similar sentiment from a Hong Kong and Singapore looking to open up those coffers even before this outbreak we were expecting at least bold measures from Hong Kong some sizable budget from Singapore due to the threat of the trade war of course with Hong Kong months of political protests but this virus now only adds to the urgency for more fiscal spending and in Hong Kong's case they are now proposing at least three
point two billion dollars in fresh funding for the fiscal year this is after we learned from the financial secretary Paul Chen warning of these tsunami like shocked the economy and this virus could have a bigger effect that goes far beyond the likes of FMV retail and the tourism related industries the budget coffers as you mentioned a lot of questions whether there is the room for that the shortfall according to Paul Chen will likely continue from sup for some time and on Tuesday the Singaporean
government are likely to deliver a strong budget analysts are predicting that the budget deficit could be the widest we've seen or the biggest we've seen in almost two decades the fiscal gap could widen to one and a half percent of GDP and the likes of Citigroup predicting that this economic package could be more than 500 million dollars which is three times more than what the Singaporean government spent back in 2003 the stars epidemic and Tommy you spoke earlier about you know how
degraded in some respects the social trust and trust in the government is and the numbers that we're seeing at the moment right how is that playing through in terms of the leadership because there's yet more confusion in terms of Xi's response or even it kind of when he began handling this crisis absolutely another signal that officials here senior leaders are trying to reshape the narrative again and that latest single came out over the weekend of course over the last week they
china says coronavirus cases rise to 70 548 deaths hit 1 770
changed the officials they changed the party leadership in Wuhan and who Bay they changed the methodology in terms of counting the virus and now over the weekend they came out with a speech the president she apparently gave on February 3rd saying that he's been taking control of the situation since January vii that he was issuing orders to local officials that it was him the president who said that the city of Wuhan should be put on lockdown so trying to show you would assume that the
president and his team were in control were being decisive because of course they have faced pressure and criticism that it's been badly handled and that there was according to some a cover-up of course and that was in focus with the death of the whistleblower dr. Lee wen Liang so trying to show that the president's being decisive but this raises questions the publication of this speech because if Xi Jinping was issuing these orders on January the 7th why did he wait until January the
20th to make any public announcements about the corona virus to publicly inform the people of

China

about the severity of this virus that remains a question and again it underscores the fact that this is a political situation a political pressure point a political challenge for

China

's leaders as much as it is an economic and a health care system challenge this is something that the president will have to wrestle with it may not pose and is very unlikely to pose a significant threat to the
Communist Party but what it may do is lead to discussions within the party and that may lead to additional pressure on

China

's leader and Evon before we go just give us the latest on that cruise ship that's being quarantined and docked in Yokohama Japan yeah the diamond princess we learned last couple hours the the first charter flights that were flying out of Japan into the u.s. have taken off this morning this is after we saw the u.s. the likes of Canada and Hong Kong moving to
evacuate their citizens off the ship after we saw another 70

cases

confirmed on the diamond princess and what we're learning so far is that when it comes to those who tested positive they'll be taking taken to hospitals in Japan those who tested negative will be on these charter flights where they will be quarantined for two weeks at Air Force bases in the u.s. California and Texas what we've learned and those who did not jump on these flights they are going to be remain in
quarantine for another 14 days or so before they can fly out do more testing we do understand that not everyone on board has been tested just yet and it does take a couple days for those results to come out