The outbreak of the Coronavirus (COVID-19) – which began in December 2019 and has intensified in the first few weeks of 2020 - poses a new downside risk to the Greater China and, to a lesser degree, global economy.
As of February 3, 2020, China had confirmed over 20,000 cases of the virus, over 60% of which are in Hubei province. Globally, the World Health Organisation (WHO) had reported 153 confirmed cases across 23 countries on 3 February 2020.
The Chinese government shut down transportation networks in Wuhan and surrounding cities in Hubei on 23 January 2020 and advised people not to leave the city - a measure not implemented during the 2003 SARS outbreak. Subsequently, cross-city transportation was also limited.