In a national speech Premier Xi Jinping indicated that citizens should now return to work but with the proviso that each region should adopt specific precautionary measures based on local risks.  President Xi recognized the extent of the crisis but emphasized that efforts were being made to reduce fatality rates, maintain social stability and to provide medical assistance and daily necessities for affected communities.  Since the recognition of COVID-19 at the end of January, there have been 78,000 cases diagnosed in China with close to 3,000 fatalities, mostly among the elderly and those with predisposing conditions.

The National Development Commission of China acknowledged that the COVID-19 outbreak has depressed first quarter growth and the economy.  The Commission claims that the iron and steel industry and food processing were now between 65 and 80 percent functional. Proactive fiscal and monetary policies will be introduced in the near term including an adjustment of the benchmark deposit rate.