Hundreds of Chinese businesses seeking billions to offset epidemic impacts


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Hundreds of Chinese businesses seeking billions to offset epidemic impacts

On Monday, the 10th of February 2020, as thousands of Chinese companies had started off their regular work schedule amid a fast-spreading coronavirus epidemic which has every potentiality to infect more than 5 per cent people of Wuhan by end-February, over 300 Chinese businesses had filed for bank loans that totalled to a whopping upsum of $8.2 billion or ¥57.4 billion in a bid to grapple with the financial fallouts of coronavirus epidemic in China, at least two banking sources familiar with the subject-matter had unveiled on condition of anonymity as the sources were not authorized to speak over the issue on public.

Meanwhile, as Chinese authorities had ordered to block every kind of public gathering including those of manufacturing HubSpots to contain the virus outbreak over the past two weeks which barely conceived any fruits, authorities started off to cordon off cities vulnerable to coronavirus outbreak, cancelled transport links with the Central Hubei province and its capital city of Wuhan, the epicentre of the virus outbreak.

Nonetheless, the aforementioned actions would likely slow down China’s economic growth well-below a 5 per cent level, suggested analysts. In the wake of such withering backdrops following a baleful epidemic outbreak, a swathe of Chinese leading businesses had filed for loans on Monday (February 10th) including the China’s homegrown smartphone manufacturer Xiaomi Corp., ride-hailing giant Didi Chuxing Technologies Co., online food delivery behemoth Meituan Dianping and a many more, suggested industry sources.