Shenzhen lifts biomeds: Shenzhen is stepping up the development of its biomedical industry, which is expected to be worth over 200 billion yuan by 2025, with a plan to build four industrial clusters in different districts and provide up to 300 million yuan of subsidies to individual R&D projects. Shenzhen Special Zone Daily.
Zhuhai boost: Zhuhai has unveiled 18 measures aimed to ease the challenges faced by virus-hit businesses and boost the city’s consumption. Manufacturers, companies with increasing revenues, and organizers of cross-border e-commerce exhibitions can receive up to 2 million yuan of subsidies. Zh.focus.com.
Foshan’s plan: Guangdong’s third-biggest city, Foshan, plans to cut a total of 6.15 billion yuan in insurance fees for its 280,000 enterprises and NGOs. Foshannews
Macau a good bet: “This is a good opportunity for long-term investors to go bargain hunting in the Macau gaming coverage,” said Morningstar equity analyst Chelsey Tam. “MGM China, Wynn Macau, Melco Resorts, SJM Holdings, and Sands China are undervalued.” SCMP.
Cathay clipped: Cathay Pacific has announced a profit of HK$344 million for the second half of 2019, in a 28% drop in annual profit, and predicted substantial losses caused by the coronavirus outbreak for the first half this year. SCMP.
US firms less bullish: Even before the coronavirus outbreak, US companies in China were showing a lower willingness to invest, according to the American Chamber of Commerce in China. Those in the consumer and services sector were more positive, while resources and industrials were more negative. (Amcham China is separate from the American Chamber of Commerce in South China.) Caixin.
Factories’ double-whammy: The spread of COVID-19 across the globe might bring another hammering to Chinese factories which are just getting back into production, as reduced demand in Europe and the US leads to cancelled orders. (Guangdong accounts for nearly one-fourth of the country’s exports.) Bloomberg.