Vancouver, Canada – (Feb 20, 2020)–AlphaPay donated to Wuhan throughVancouver Young Elite Association to purchase medical materials.
The virus makes many unfortunate people suffer from the menace of illness and confront the fear of death. To hearten the people of Wuhan and make a contribution to the fight against the virus, many Chinese Canadian companies showed our strongest support. Constant warm actions and kind words from the people in Canadian society showed us to believe that there are no dilemmas that can not be broken through by a large and cohesive country with a population of 1.4 billion.
A total of over $40,000 through this event, and this money will be used to purchase medical materials from overseas and will be scheduled by air to the hospitals in Hubei province.
Alibaba created a $144 million fund to buy medical supplies for Wuhan and Hubei province, the epicenter of the virus outbreak, and it’s offering AI computing power to research organizations searching for a vaccine or treatments.
Tencent, another Chinese giant, founded a $42.7 million fund for medical supplies for Wuhan.
AlphaPay is a major influencer in the borderless payment technology space in Canada. As a forward-thinking FinTech company, AlphaPay has developed and distributed payment technology services to bridge the gap between North American businesses and 1.1 billion users of Alipay, WeChat Pay, and UnionPay through borderless payment technology. For more information: www.alphapay.com
Launched in 2004, Alipay currently has over 450 million active users. Alipay has evolved from a digital wallet to a lifestyle enabler. Users can hail a taxi, book a hotel, make appointments with doctors, buy movie tickets, pay utility bills or purchase wealth management products directly from within the app. In addition to online payments, Alipay is expanding to in-store offline payments both inside and outside of China. Over 2,000,000 brick-and-mortar merchants now accept Alipay across China. As of October 2016, Alipay is supported in 70 overseas markets, with in-store payments covering more than 100,000 retail stores, and tax reimbursement via Alipay is supported in 24 countries and regions. Alipay works with over 40 overseas financial institutions and payment solution providers to enable cross-border payments for Chinese travelling overseas and overseas customers who purchase products from Chinese e-commerce sites. Alipay supports the settlement of 18 currencies. For more information: https://intl.alipay.com/
Tencent(WeChat) and Alibaba workers stay home working
More than half of foreign companies in Shanghai surveyed fully resumed production as the Chinese government ramped up efforts to fight the novel coronavirus and help enterprises resume normal operations, an industry association said.
The Shanghai Association of Foreign Investment found, based on a survey over 54 foreign enterprises in Shanghai, that over 30 percent of the surveyed enterprises partially resumed production while more than 10 percent had not reopened yet.
On Tuesday, Chinese health authorities confirmed 97 new deaths and 2,015 new cases infected by the novel coronavirus, officially named as COVID-19 by the World Health Organization, bringing the death toll to 1,113 and the total confirmed cases to 44,653 on the Chinese mainland.
To stem the spread of the virus, many Chinese cities including Shanghai, home to nearly 50,000 foreign companies, resumed operations with caution by extending the Lunar New Year holiday and postponing the resumption of work until Feb. 10.
According to the survey, telecommuting has been widely implemented by foreign businesses to resume operations while reducing close person-to-person contact.
A total of 13 surveyed foreign enterprises including Denmark-based toy marker LEGO and German auto manufacturer BMW resumed production but had their employees work remotely, said Huang Feng, head of the SAFI.
Foreign companies partially resuming operations also applied more flexible work arrangements with frontline workers heading for their workplaces and other staff working remotely, according to the survey.
Policeman Wu Shengzao (1st L) patrols with his colleagues at the Daxing International Airport in Beijing, capital of China, Feb. 1, 2020. (Photo by Peng Ziyang/Xinhua)
BEIJING, Feb. 10 (Xinhua) — Chinese authorities are carefully balancing efforts to control the novel coronavirus epidemic and minimize its impact on the economy as millions of people head back to work Monday after an extended holiday.
In a circular released over the weekend, the State Council, or China’s cabinet, urged efforts to protect workers from getting infected and meanwhile resume production as soon as possible.
Companies providing epidemic control supplies and services such as medical material and daily necessities are among the first groups to resume work and have already begun racing back to full capacity to fight the novel coronavirus outbreak.
The virus was first detected in central China’s city of Wuhan in December. Easy to transmit from person to person, it has kept people indoors and led to a sharp increase in demand for protective equipment like masks and goggles.
About 73 percent of the country’s mask production capacity had been recovered by Friday, according to Chen Da, an official with the National Development and Reform Commission, the country’s top economic planner. For medical masks, the rate has gone up to 87 percent.
Trucks loading medical devices set out for Hubei Province, in Qinhuangdao, north China’s Hebei Province, Feb. 5, 2020. Two vehicles carrying ten medical devices donated by a medical system enterprise in Qinhuangdao set out to help hospitals in Xianning City of Hubei fight against novel coronavirus outbreak. (Xinhua/Yang Shiyao)
Courier companies are also resuming service Monday as they are essential to meet people’s daily needs and guarantee the delivery of resources for epidemic control.
Logistics companies are expected to restore over 40 percent of their normal handling capacity by mid-February and continue to increase the capacity according to the development of the epidemic outbreak, according to the State Post Bureau.
For other sectors, production is recommencing in a steady but more gradual manner as both authorities and entrepreneurs are cautious over the novel coronavirus epidemic which has killed 908 and infected more than 40,000 on the Chinese mainland by Sunday.
In Shanghai, the latest official survey showed that more than 80 percent of the local manufacturing companies are willing to resume work, of which about 70 percent have already done so.
Meanwhile, 80 percent of Shanghai’s software and information service enterprises have returned to work, and 70 percent of their employees have chosen to work from home using telecommuting and video teleconference services to avoid infection.
Wu Jinzhong, head of eyewear maker Roring Industries in China’s southeastern Fujian Province, said only half of his 900 employees would resume work Monday.
“We advised workers outside the province not to rush back, while local employees need to be investigated whether they have traveled out of town in the past two weeks,” he said.
Wu said he has also increased spending to prevent the disease, including providing larger workspaces and essential protection materials like face masks.
People make protective suits at the workshop of a company in Fuzhou, southeast China’s Fujian Province, Feb. 2, 2020. To help fight the outbreak of pneumonia caused by novel coronavirus, workers of many medical material companies rushed to work ahead of schedule. (Xinhua/Lin Shanchuan)
To support small and medium-sized enterprises (SMEs) in work resumption, the Ministry of Industry and Information Technology (MIIT) has pledged to help with the supply and transportation of raw materials as well as protective gear like masks and body temperature detectors.
Local governments are encouraged to reduce or waive taxes and administrative fees on certain SMEs, increase subsidies to corporate training programs and extend the payment deadline for their electricity and gas bills to back them in harsh times, said the MIIT.
Likewise, local governments are ordered to take measures to help foreign-funded companies resume production and operation in an orderly manner.
Particular support shall go to large foreign investment projects, according to the commerce ministry, which called for coordinated efforts to solve their difficulties and minimize the impacts of the epidemic.
Now with the country heading back to work, many are confident that the potential economic blow brought by the national production halt is expected to be only a short-term, one-off hit against China’s solid economic foundation.
The epidemic might disturb economic activities in the first quarter of this year, but the economy is likely to steady shortly after the epidemic is contained, as the unleashing of pent-up demands will make up for previous weak economic performance, said Pan Gongsheng, vice governor of China’s central bank.
Alibaba tops the list and has offered 1 billion yuan for purchase of medical materials. Some of mainland China’s largest companies have made big donations to efforts to fight the coronavirus, as well as to help alleviate the shortages and hardships related to the outbreak.
Thirty information technology and new economy companies, including Alibaba Group Holding (mother company of AliPay) and Tencent Holdings (mother company of WeChat Pay), have together donated more than 3 billion yuan (US$432.5 million). Earlier, Country Garden and China Evergrande, two of the country’s biggest property developers, along with about 80 companies from the sector, offered a combined 1.2 billion yuan in aid.
Alibaba, which is one of AlphaPay’s payment partners, tops the list and has offered 1 billion yuan for the purchase of medical materials for hospitals in Hubei province and Wuhan, the epicentre of the outbreak.
Tencent Charity Foundation, the mother company of WeChat Pay, meanwhile, said it had offered 300 million yuan in aid, half of which was used on Monday to purchase medical masks and others material needed, according to its WeChat account. The tech giant said this was the first phase of the aid it would offer, with more assistance planned in the future.
Now, the world is worrying anew.
An outbreak originating in China and reaching beyond its borders has summoned fresh fears, sending markets into a wealth-destroying tailspin. It has provoked alarm that the world economy may be in for another shock, offsetting the benefits of the trade truce and the geopolitical easing, and providing new reason for businesses and households to hunker down.
The emergence of the virus in China, whose government jails journalists and tightly controls information, left the world uncomfortably short of facts needed to assess the dangers.
“It’s the uncertainty of how the global economy is going to respond to the outbreak,” said Philip Shaw, chief economist at Investec, a specialist bank in London. That will depend on the severity, the spread and the duration of the outbreak, he said, and “we don’t really know the answers to any of these questions.”
What was left to the imagination resonated as a reason for investors to unload anything less than a sure thing.
Stocks in Japan and Europe fell more than 2 percent. In New York, the S&P 500 was down 1.6 percent, with stocks of companies whose sales are dependent on China especially susceptible. Wynn Resorts, which operates casinos in the gambling haven of Macau, a special administrative region of China, dropped more than 8 percent.
The virus and its attendant unknowns conjured memories of another deadly illness that began in China, the 2002-3 outbreak of severe acute respiratory syndrome, or SARS, which killed nearly 800 people.
“In many ways, it looks similar,” said Nicholas R. Lardy, a China expert and senior fellow at the Peterson Institute for International Economics in Washington. “We are seeing fast increases in the number of cases. The hospitals are overwhelmed and are not even able to test people with symptoms. I’m expecting the cases to go way, way up.”
In the end, SARS significantly slowed the Chinese economy, dropping the annual growth rate to 9.1 percent in the second quarter of 2003 from 11.1 percent in the previous quarter, according to Oxford Economics, an independent research institute in London.
The episode is coinciding with the Lunar New Year, a major holiday in which hundreds of millions of Chinese journey to their hometowns to visit relatives.
With air, rail and road links in central China restricted as the government seeks to block the spread of the virus, hotels, restaurants and other tourism-related businesses are likely to suffer.
Some economists assume that those effects will quickly dissipate, leading to a revival in the consumer economy within months. That is how events played out in 2003.
“Our baseline is that it will be a fairly big impact but relatively short-lived,” said Louis Kuijs, the Hong Kong-based head of Asia economics at Oxford Economics.
In the hopeful view, economic damage will be contained by the Chinese government’s aggressive response in effectively quarantining the outbreak’s center — Wuhan, a city of 11 million people, and much of the surrounding area in Hubei Province.
But Wuhan is a hub of industry, sometimes called the Chicago of China, intensifying the quarantine’s implications for the national economy.
“This is really unprecedented,” Mr. Lardy said. “The economic effects may be much larger than SARS. Wuhan is a major industrial city, and if you’re basically shutting it down, it’s going to have a major effect.
Already, China’s government has extended the Lunar New Year holiday by three days, through Feb. 2, ensuring that migrant workers will not return to their factory jobs as soon as anticipated, almost certainly disrupting production. Suzhou, a major industrial city near Shanghai, has extended the holiday until at least Feb. 8.
Given that China’s economy is the source of roughly one-third of world economic growth, the slowdown could be felt widely.
Most directly, China’s neighbors would absorb the effects, especially those dependent on tourists from China — among them Hong Kong, the Philippines, Singapore, Thailand and Vietnam. Over the weekend, China announced that it was barring overseas group tours by its citizens.
If China’s factories are hobbled by additional restrictions on transportation that limit factory production, that could become a global event. It could hit iron ore mines in Australia and India that feed raw materials into China’s smelters. It could limit sales of computer chips and glass panel displays made at plants in Malaysia and South Korea.
It could trim sales of factory machinery produced in Germany and auto parts made in the Czech Republic, Hungary and Poland. It could even affect the purchases of additional American farm goods that China agreed to under the trade deal signed this month.
The shock is hitting just as China contends with its slowest pace of economic growth in decades, reviving fears that its reduced appetite for the goods and services of the world could jeopardize jobs on multiple shores.
“China is obviously slowing down in a structural way,” said Silvia Dall’Angelo, senior economist at Hermes Investment Management in London. “The global economy is clearly more shaky, with sluggish growth. It is clearly more vulnerable to shocks.”
The SARS outbreak prompted the government to stimulate the Chinese economy by directing surges of credit that financed huge infrastructure projects. But whatever damage China confronts this time, its willingness to respond will be limited by the government’s concerns about mounting public debt.
“They are much more constrained now,” said Mr. Lardy, the China expert. “I think people underestimate the conviction that the top leadership has, that they really want to reduce financial risk.”
But as global investors try to gauge the outlook, one element is the same as ever in China: Information is scarce. Trust in the authorities is minimal.
During the SARS outbreak, the government was slow to acknowledge the existence of the virus as local officials actively covered up cases, allowing the threat to multiply.
This time, the government has sought to project the sense that it is forthrightly reckoning with the crisis. President Xi Jinping has publicly acknowledged the threat while warning local officials not to hide reports of trouble.
But in the current moment of agitation, any perceived lack of information tends to weigh in as bad news.
“This is, of course, still a government system where transparency is not really held up as an important criterion,” Mr. Kuijs of Oxford Economics said. “This is still an overall system in which discretionary decisions by bureaucrats are driving everything instead of very clear rules.”
Dear AlphaPay Merchants and Partners,
Please note that banks in Mainland China will suspend settlement from January 24 to January 30, 2020 due to the Chinese New Year Holiday. Transactions that take place during this period will be cleared on January 31, 2020.
Other AlphaPay services, including but not limited to payment and refund will NOT be affected by the suspension of settlement.
Thank you for your understanding and support. Feel free to contact AlphaPay if there is any questions please!