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China Fights to Support Its Economy

The World TURNS ON CHINA

The Chinese people have a long history in movies, myself being a movie lover, I have seen many films since the 1990. Chinese cinema and its directors have a rich culture and history that make it easy to find material, remember the Jet Li movies? Note that he won the China Kung Fu championships multiple times – he was a fantastic athlete who turned movie star. But now, seven films have been pulled from cinemas and movie theaters – to protect citizens – have closed for two weeks. But this movie issue is just a small part of the economy, an economy that is seeing other industries breaking down due to the Novel Coronavirus. Note that the SARS virus of 17 years ago did cause damage to the economy but Beijing points out that 1. the Chinese economy is now 16 percent of global GDP (was only 4% in 2003 during SARS) and 2. the economy is more of a service sector economy now. Related to movie theaters are the shopping centers in which now many managers of these shipping centers have canceled management fees and rents to help tenants cope with lower client volume – fees cut to help those survive from January 25 to February 29. This virus could impact the Chinese economy for another 3 to 4 months and its seems the movie industry will suffer severe economic hardship.

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