The government has decided that the epidemic is under control to the point that much of the country can go back to work
IF CHINA IS the world’s factory, Yiwu International Trade City is the factory’s showroom. It is the world’s biggest wholesale market, spacious enough to fit 770 football pitches, with stalls selling everything from leather purses to motorcycle mufflers.
The market is, little by little, getting busier. But merchants lucky enough to find new customers have an even bigger challenge in fulfilling their orders. Wang Meixiao is a plastic-jewellery wholesaler, the walls of her store groaning with bead necklaces of every size and colour. But her company’s factories in Yiwu and in Haikou, 1,750km to the south-west, do not yet have enough workers to operate.
One gauge has been far more upbeat—unrealistically so. China’s stockmarket fell by more than 10% after the coronavirus spread in late January but has since made up all of that ground. It even held on to its gains in recent days when global markets fell sharply because of concerns about the rise in coronavirus infections in Iran, Italy and South Korea. The bullishness in China partly stems from the belief that the government could soon unleash a big stimulus to boost growth.
So along with reporting the number of new infections every day, officials are now reporting on the number of reopened businesses in their territories. The province of Zhejiang, a manufacturing powerhouse and home to Yiwu, leads the country so far, with 90% of its large industrial enterprises having restarted. But many of these are running at low capacities. Jason Wang is a manager with a clothing company that sells winter coats at Yiwu International Trade City.
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