Taking a longerterm approach to capital investment could unlock a myriad of viable growth opportunities. Policy-makers, for their part, can help by removing barriers to business investment and impediments to growth of smaller firms. Let me mention three areas of focus. First is the ongoing need to remove obstacles to interprovincial trade. This comes up regularly in the Bank’s conversations with business leaders.
The depth and duration of the recession will largely be determined by how the virus spreads, but also by the economic policy measures taken in response to the crisis. What gives hope is the fact that China, Taiwan, Hong Kong and Singapore have made significant progress in controlling the epidemic. This has been achieved through comprehensive and extensive measures.