How China is making billions of Dollars out of COVID-19 pandemic

With stocks fallen in Italy and Spain, China is also buying those stocks and taking over multinational businesses.

How China is making billions of Dollars out of COVID-19 pandemic

With countries of the world in Europe America and Africa losing resources to contain the spread of COVID-19 which emanated from Wuhan, China, China’s government is making billions of Dollars on sale of medical equipment to various countries.

With stocks fallen in Italy and Spain, China is also buying those stocks and taking over multinational businesses.

China has sprung from its throes and is offering diplomatic assistance to fight coronavirus in America and Africa. The government of  China has donated 1000 ventilators to the State of New York and given promise to assist Nigeria with medical personae.

On Sunday, China said it has sold nearly four billion masks to foreign countries since March, as they tried to stem widespread fears over the quality of medical exports.

COVID-19 cases in China is dwindling. Social Distancing precautions are also yielding fruits in Europe and America. But Beijing has encouraged factories to increase production of medical supplies as the pandemic kills over 60,000 globally and parts of the world face a protective equipment shortage.

China has exported 3.86 billion masks, 37.5 million pieces of protective clothing, 16,000 ventilators and 2.84 million COVID-19 testing kits since March 1, customs official Jin Hai said, with orders to more than 50 countries.

She added the country’s medical supply exports were valued at 10.2 billion yuan ($1.4 billion).

However numerous nations — including the Netherlands, the Philippines, Croatia, Turkey and Spain — have complained about substandard or faulty medical products shipped from China.

Last week, the Dutch government recalled 600,000 masks out of a Chinese shipment of 1.3 million that did not meet quality standards.

China said the manufacturer “stated clearly that (the masks) are non-surgical.”

Spain also rejected thousands of rapid test kits sent by an unauthorised Chinese company after it found that they were unreliable last week.

Chinese officials hit back on Sunday at media reports over defective medical supplies, saying that they “did not reflect the full facts”.

“In reality, there are various factors, such as China having different standards and different usage habits to other countries. Even improper use can lead to doubts over quality,” said Jiang Fan, an official with the Ministry of Commerce.

The comments echoed remarks from Foreign Ministry spokeswoman Hua Chunying, who over the past week has repeatedly urged Western media not to “politicise” or “hype up” the issue.

Earlier this week, Beijing tightened regulations for exported coronavirus medical equipment, requiring products to fulfil both domestic licensing standards and that of their destination countries.

China has also increased its production capacity of COVID-19 testing kits to over 4 million a day, said Zhang Qi, an official with the National Medical Products Administration.

Report in association with AFP