The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Coronavirus returns to bite China again

While the West is consumed by its own mounting panic, it is easy to forget that China, where coronavirus began, is still in all sorts of trouble: growth rates are tumbling and stimulus is a certainty. Now Covid-19 is making landfall in southeast Asia.


The feedback loop has started. On March 19, China announced no new cases of coronavirus in Hubei, whose capital Wuhan lies at the epicentre of the Covid-19 outbreak, for the first time in eight weeks. 

Good news? Sort of. 

Viral egress has turned into ingress: on March 19, China’s National Health Commission counted no fewer than 34 cases of ‘imported’ coronavirus, many from expatriate Chinese office workers and students, fleeing the pandemic-hit West for the perceived safety of mainland towns and cities. 

It is a cyclical process at work across Asia’s largest economy. 

The Shanghai Composite Index plunged 11.3% in the fortnight to February 3, a period spanning a Chinese New Year and extended by a government hoping to contain the outbreak.

Slowly China’s economy clambered out of its hole, regaining all of its losses. 

Then Covid-19 hit Europe and the US and – Blam! – from March 5 the index plunged another 12%, hitting a 13-month low on March 19. 

Hong Kong’s Hang Seng index tracked Shanghai’s performance, losing 21% in value over the same two-week period, as investors realised that just because China was shaking off its cold, it didn’t mean the world was. 

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.

By continuing to use & browse the site you agree to our Privacy Policy.
I agree