Trial now
BOJ

Rinban Offers

MYR

Political Uncertainty Undermines Ringgit

AUSSIE BONDS

ACGB Nov '32 Supply Easily Absorbed

     BEIJING (MNI) - China's coronavirus outbreak caused particularly heavy
losses to airlines and tourism during the Lunar New Year holiday, but many
state-owned enterprises are returning to work, Ren Hongbin, deputy director of
the State-owned Assets Supervision and Administration Commission told a briefing
on Tuesday.
     Three state-owned airlines under SASAC supervision refunded 13 million
tickets and cancelled 78,000 flights from Jan. 20 to Feb. 13, with passenger
load and aircraft utilisation rates almost halved, said Ren, adding that the
impact is temporary and will not change economic fundamentals in the long term.
The impact was less severe in January, he said.
     Here are key takeaways from the briefing by Ren, and SASAC spokesman Peng
Huagang:
     - More than 80% of the 20,000 subsidiaries belonging to
central-government-owned enterprises' have resumed operation, said Ren.
     - Over 95% of central-government-owned enterprises involved in petroleum
and petrochemicals, telecommunications, power grids, and transportation have
resumed operation, according to Ren.
     - SASAC will not modify the production goals and reform targets set at the
beginning of the year, said Ren.
     - Central-government-owned enterprises will help small businesses with cash
shortages by reducing or exempting them from some rent payments and service
fees, according to Peng.
     - The State Grid has resumed major construction projects totalling more
than CNY70 billion, which will help the return of production in the upstream and
downstream sectors, said Peng.
     - State-owned enterprises are expanding the production of masks and
protective gowns, said Ren.
     - The epidemic has caused difficulties for foreign investment, said Peng.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
--MNI London Bureau; +44 203 865 3829; email: jason.webb@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,MGQ$$$]