Hellocare Consulting Team

Supporting managers

China’s economy shrinks for first time in decades

China’s economy shrank for the first time in decades in the first quarter, as the coronavirus outbreak brought production and spending to a standstill.

Official data shows the world’s second largest economy suffered a sharp downturn of 6.8% between January and March, when factories, shops and travel were shut down in a bid to contain the COVID-19 infection.

Although slightly larger than the decline forecast by analysts it was broadly in line with expectations and markets were up in Asia, which seemed more focused on Donald Trump’s plan to reopen the US economy in the face of the coronavirus crisis.

China, where the outbreak originated, declared victory over the virus in early March and started reopening factories and offices even as other countries tightened controls.

But analysts say Beijing faces an uphill battle to revive growth as the global pandemic devastates demand from major trading partners and dampens domestic consumption.

Lu Zhengwei, Shanghai-based chief economist at Industrial Bank, said the latest Gross Domestic Product (GDP) data reflected “the toll from the economic standstill when the whole society was on lockdown”.

He added: “Over the next phase, the lack of overall demand is of concern.

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 GDP data reflected “the toll from the economic standstill when the whole society was on lockdown”.

Ken Uwotu

Senior Care Consultant

 

Hellocare Consulting Team

Supporting managers

UK spent £16,000,000 on coronavirus tests that didn’t work

Government officials are scrambling for a refund after paying £16 million for coronavirus testing kits that did not work. Downing Street paid the huge sum to two Chinese companies despite the technology behind the kits being unproven, the New York Times reports. AllTest Biotech and Wondfo Biotech, both said their products met the health, safety and environmental standards set by the European Union. Public health officials reviewed the specifications on paper while the foreign office dispatched diplomats in China to ensure the companies existed and to examine their products.

The gamble backfired as the tests, said to detect anitbodies for coronavirus, did not work, according to a senior civil servant.

A spokesperson from the Department of Health and Social Care said the stocks were bought on the ‘basis of minimum initial volumes’ and said that where tests didn’t work, orders would be canceled and costs recovered ‘wherever possible’. Finding antibody tests that work is seen as a critical stage in the battle against coronavirus.

Unlike antigen tests, which determine if a person has tested positive or negative for Covid-19, antibody tests are supposed to be able to detect whether a person has already had coronavirus before, and has since recovered. The tests work by detecting a person’s blood for antibodies, meaning they could be done at home.

After British officials complained about the faulty tests, both Chinese companies blamed British officials and politicians for misunderstanding or exaggerating the utility of the tests. Wondfo told Global Times, a Chinese newspaper, that its product was intended only as a supplement for patients who had already tested positive for the virus.

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Hellocare Consulting helps home care providers improve their CQC rating, provides industry updates and best practise.

 

Offers in April 2020

 

 

 

Wondfo told Global Times, a Chinese newspaper, that its product was intended only as a supplement for patients who had already tested positive for the virus.

Ken Uwotu

Senior Care Consultant