Foreign Affairs Undersecretary for Civilian Security and Consular Concerns of the Philippines Brigido J. Dulay (L) and Huang Xilian, Chinese ambassador to the Philippines, attend a handover ceremony of donations in Manila, the Philippines, Feb. 8, 2020. The Philippines has donated surgical face masks, protection suits, medical gloves, sanitation products and goggles to China's central province of Hubei, the epicenter of the novel coronavirus outbreak. (Xinhua/Yang Ke)

 
Foreign securities institutions have started to provide aid and charitable donations for China to combat the outbreak of the coronavirus, according to a statement from the Security Association of China on Wednesday. 

Some major international institutions have made donations to China, including JPMorgan and Morgan Stanley, which both gave out $1 million during the crisis, according to the statement. Other institutions including the Swiss UBS Group, Japanese companies Nomura Holdings and Daiwa Securities have also made donations of money as well as medical supplies such as face masks.

Financial institution Citadel became the US company with the largest donation during the outbreak at 52 million yuan ($7.46 million).

Foreign financial institutions generally believe the shock of the coronavirus outbreak to the financial market will be short-term, the statement said. With the strong resilience of the Chinese economy and its big potential, financial institutions are still holding a positive forecast for the economic outlook. 

Analysts at leading institutions have been responding calmly to the outbreak, and are predicting that the impact of the coronavirus on the economy will be limited. “Investors who believe the economic consequences of the coronavirus will be limited should increase exposure to cyclicals and value stocks,” according to a report by marketwatch.com, quoting Goldman Sachs analysts led by David Kostin.

James Paradise, co-president of Asia Pacific Ex-Japan at Goldman Sachs, said that he believes China is capable of solving the crisis, and is ready to offer help whenever needed. Goldman Sachs has donated $1 million to support the work of China’s Red Cross Society, international medical teams and disease control departments. 



Global Times