China wants to take a victory lap over its handling of the coronavirus outbreak www.cnn.com

Hong Kong (CNN)China's Communist Party wants more gratitude for its handling of the novel coronavirus outbreak.

It is necessary, Wang reportedly said, "to carry out gratitude education among the citizens of the whole city, so that they thank (President Xi Jinping), thank the Chinese Communist Party, heed the party, walk with the party, and create strong positive energy."
His comments attracted widespread criticism online, and have since been mostly scrubbed by the censors, though some state media reports including the quote remain accessible. Yet while Wang appears to have gone too far in the eyes of many -- creating a public relations headache the propaganda apparatus had to clean up -- the sentiment he was expressing is nevertheless widely shared.
As the coronavirus spreads around the world, China has been increasingly vocal about what it appears to feel is a lack of appreciation from the global community for its efforts to contain the outbreak, and preventing the crisis from being even worse than it may turn out to be.
The first cases of the virus were reported in Wuhan late last year, and since then China has borne the brunt of the outbreak, with almost three quarters of the more than 110,000 or so confirmed global cases in mainland China. More than 3,000 people have died due to the virus in China, with the majority in Hubei province. Hundreds of millions of people have also been placed under lockdown, while others have been unable to return to work due to travel restrictions.
Those containment efforts do appear to have been successful, with the number of new cases slowing to a trickle in recent weeks, as new outbreaks continued to emerge worldwide.
Underlining how much a corner has been turned in China, Xi himself arrived in Wuhan Tuesday for an inspection tour, his first since the outbreak began. While other senior officials have visited the city previously, it was thought that it was too risky for Xi to go himself until now, emphasizing how confident the government is that the outbreak is under control.
'A responsible country'
State media and top officials have begun pushing back hard on external criticism of Beijing's handling of the virus, both the seemingly flippant -- like Fox News host Jesse Watters demanding China apologize for the virus itself -- to the more substantial, such as widespread concerns over the government's apparent mishandling of the virus when it emerged in Wuhan.
"In its efforts to fight off the epidemic, China has conducted itself as a responsible country," Chinese Foreign Ministry spokesman Zhao Lijian said last week in response to the Watters video. "China's signature strength, efficiency and speed in this fight has been widely acclaimed. To protect the health and safety of people across the world, the Chinese people have made huge sacrifice and major contributions."
Zhao pointed to the 2009 swine flu pandemic, which "broke out in the US" (the first cases were actually in Mexico) before spreading to hundreds of other countries, killing hundreds of thousands of people. "I don't remember anyone asking the US to apologize," he said.
State broadcaster CGTN also linked coronavirus to the US swine flu outbreak, while Global Times, a state-backed tabloid, accused US Secretary of State Mike Pompeo of attempting to "pass the buck" to China by criticizing Beijing's handling of the virus.
"As the chief US diplomat, Pompeo insisted on speaking of the 'Wuhan virus' despite the opposition of (the World Health Organization) and international public opinion, in an attempt to arouse resentment among those affected countries against China," the paper said in an editorial. "Pompeo's move not only exposes malicious US intentions toward China without regard to common sense, but also hits a new low in his personal conduct."
Pompeo told CNBC last week that it had been "incredibly frustrating" to work with the Chinese government to obtain data on the coronavirus, "which will ultimately be the solution to both getting the vaccine and attacking this risk."
He blamed the initial response to the virus -- during which Chinese officials appeared to downplay information about its severity -- as putting the US "behind the curve" in coming up with a response.

Controlling the narrative
The angry response to Fox News host Watters and Secretary of State Pompeo, as well as the expulsion last month of three Wall Street Journal reporters over the headline of an opinion piece about the virus, highlights Beijing's sensitivities over how it is perceived to be handling the outbreak.
Only a month ago, Beijing was dealing with widespread public anger over the death of whistleblower doctor Li Wenliang. Li had attempted to warn university classmates about a new SARS-like virus spreading in Wuhan, only to be reprimanded by police for spreading "rumors." He later died of the virus after contracting it while helping with relief efforts.
China's massive censorship and propaganda apparatus struggled to contain the reaction, and eventually several top Wuhan and Hubei officials were fired.
The public anger over Li's death and the authorities' response remains close to the surface, as the reaction to the comments made by Wang, the Wuhan party chief, showed (he eventually backtracked, thanking the "heroic Wuhan people" for their sacrifice Sunday). This week, the censors have again struggled to contain a story about another Wuhan doctor, who reportedly informed colleagues like Li about a spike in cases caused by a coronavirus.
An interview with Dr. Ai Fen in a prominent Chinese magazine was scrubbed shortly after publication, but on major Chinese social media platforms, users have reposted it over and again as censors try to delete it, including coming up with creative ways to display it in an attempt to avoid automatic deletion, such as writing the text backwards or vertically, or in braille or emojis. Some users described it as a "relay race" to try and stay one step ahead of the censors.
This shows the major challenge Beijing is facing over the coronavirus even as the caseload itself comes under control. By externalizing criticism, China's government may be able to further rally the country behind its leaders.
Given that sentiment in the US already appears hostile towards China, off the back of a drawn-out trade war and military rivalry, Beijing could also be worried about its initial mishandling of the outbreak becoming an election year issue.
And in setting out its line on where blame should lie, or not, China is potentially getting ahead of any future criticism as the virus spreads worldwide, killing hundreds more and sending global markets into a dangerous negative spiral.
The Chinese people have paid a tremendous cost in the past few months, that any gratitude owed by the world is to them, and not the government, is not something many officials seem willing to contemplate.

French Ambassador asks Mongolia to ensure safety of its national www.news.mn

Earlier yesterday (10 March), State Secretary of the Ministry of Foreign Affairs D.Davaasuren held a meeting with H.E. Philippe Merlin, French Ambassador in Ulaanbaatar.

All shops in Ulaanbaatar except grocery stores shut down until March 16 www.montsame.mn

In connection with the confirmed imported case of the novel coronavirus or Covid-19 in Mongolia, the Emergency Commission of Ulaanbaatar city decided to shut down following service centers and shops in the capital city until March 16, Monday.

Financial review: Rio Tinto makes OT project wait on fundraising www.zgm.mn

Although Turquoise Hill Resources submitted a proposal four months ago to attract additional funding for the Oyu Tolgoi (OT) project, Rio Tinto has expressed in no hurry to approve it, according to the Financial Review. Rio Tinto, Chief financial officer Jakob Stausholm emphasized that “Rio Tinto wants clarity over the exact size of the cost blowouts on its Mongolian copper project before approving any funding plan. In addition, we need to finalize discussions with Mongolia’s government on what will be the exact solution initially.” The investor said that the OT project’s extraction opening date will be postponed and that funding will increase by USD 1.2-1.9 billion. Comprehensive estimates are expected to be made in the second quarter and a feasibility study will be presented in the second half of the year. In line with the feasibility study, the Tavan Tolgoi Power Station project which provides OT by energy requires USD 924 million in funding. In addition, the Government of Mongolia and Rio Tinto are going to resolve the Oyu Tolgoi tax issues to international arbitration.Chief executive, Copper & Diamonds of Rio Tinto, Arnaud Soirat noted that both sides agreed we need a third party to be involved to help us understand the contracts and that makes healthy relationships’ said last month.

Reserved meat purchasing starts on monday www.zgm.mn

According to the General Manager of Ulaanbaatar city and Head of the Mayor’s Office Gantumur Togmid, sales for reserved meat have begun from March 9 through 279 sales points. Therefore, the Ministry of Food, Agriculture and Light Industry and Governor’s Office of Ulaanbaatar are obligated to prepare a total of 20,000 tons of reserved meat for the capital city consumption. Among these, 12,000 tons of meat have been reserved so far. The Government decided to keep the reserved beef price at MNT 7,700 per kilogram, mutton at MNT 6700 per kilogram, and goat meat at MNT 6,200 per kilogram. However, the stores that sell the meat have added 200 MNT per kilogram. Citizens will be provided sufficient meats until July if the Government can distribute an average of 260 kilograms of meat for each market, said Mr. Gantumur To g mi d.He added, “In 2019, 4,000 tons of reserved meat has been prepared nationwide. As a result, there was a shortage of meat. But there will be no deficits this year. Moreover, there is an opportunity to stock up on the remaining 8,000 tons of meat in the near future. The meat packed in bags of 2-3 kilograms.”

Foresight latest US coal miner to file for bankruptcy www.mining.com

Foresight Energy became on Tuesday the latest coal miner to file for bankruptcy, saying the global economic slowdown triggered by the coronavirus epidemic had pushed it over the edge.

China's new coronavirus cases rise on infections from abroad www.reuters.com

BEIJING (Reuters) - China reported an uptick in new confirmed cases of coronavirus infections, reversing four straight days of fewer new cases, driven by infected individuals arriving from abroad.

All flights to and from Russia, Turkey, and Kazakhstan to be halted www.montsame.mn

Ulaanbaatar/MONTSAME/. Today, the State Emergency Commission decided to suspend all scheduled flights to and from Moscow, Istanbul, and Nur-Sultan from 06.30 AM of March 13 to March 28.

Mongolia and China to renew swap agreement www.zgm.mn

The currency swap arrangement between the Bank of Mongolia (BoM) and the People’s Bank of China, which was scheduled to end in August 2020, is likely to be ex-tended, according to the officials. The agreement allowed the two central banks to swap CNY 15 billion (USD 2.2 billion) for MNT 5.4 trillion. The countries first entered into the swap arrangement in 2011 and it was extended three times in 2012, 2014 and 2017.The extension agreement, which began in Shanghai in August 2019, has been finalized. At the time when the agreement began, the spokesperson said that if the Chinese side rejects the extension proposal, BoM would seek another option to return the received yuan.Governor of the Bank of Mongolia Lkhagvasuren Byadran stated on the situation in December 2019, “The central bank plans to extend swap agreement with the People's Bank of China. The expanded funding program was launched in 2017 and part of the funding worth USD 5.5 billion from donor countries was included as part of the swap agreement. In other words, the extension of the swap agreement to three years in 2017 had been settled under the Extended Fund Facility (EFF) Program. In this regard, the successful implementation of the EFF will have a positive effect on the extension of the term of the agreement. Apart from the inter-bank cooperation, we also find it effective to discuss this within the framework of high state visits.”

Death of coal financing is exaggerated as China steps up www.bloomberg.com

Moves by some of the world’s biggest banks to end coal financing for the sake of the planet was supposed to create major headaches for companies like Whitehaven Coal Ltd.

Yet there was the Australian miner on a conference call last month announcing the refinancing and extension of a A$1 billion ($650 million) credit line, backed mostly by Chinese and Japanese lenders.

“Our banking relationships are strong, we are really well supported,” Chief Financial Officer Kevin Ball said. “That might come as a little bit of a surprise to people who aren’t familiar with coal.”

The relatively easy credit underscores the challenge of ridding the world of the dirtiest energy source. While global banks including Goldman Sachs Group Inc. and BNP Paribas SA are withdrawing support for coal mines, others are stepping into the breech.

Asian banks and export credit agencies, private-equity firms and the cashflow from coal sales are all keeping the mines operating with ample funding even as pressure mounts to put the industry out of business. The Export-Import Bank of China and the Japan Bank for International Cooperation lead firms that have committed $29 billion for new coal power projects in Vietnam and Indonesia alone.

“If the strategy is to starve coal mines of all debt finance there is still a long way to go,” said Richard Denniss, chief economist at the Australia Institute, an environment-focused think tank.

There are several reasons why money continues to flow into the pariah commodity that’s responsible for 800,000 premature deaths each year, according to campaign group End Coal.

Coal plants
Asian powerhouses China and Japan remain heavily reliant on coal-fired generation for their energy needs. Coal accounts for more than 65% of the power supply in China and 30% in Japan, and still generates more electricity globally than any other fuel.

China saw an increase last year of 2%, resulting in a share of more than half the world’s coal-fired generation for the first time.

Banks from these end-user countries are increasingly coming to Australia to fund resource projects, Whitehaven’s Ball told investors. Bank of China Ltd. and Mitsubishi UFJ Financial Group Inc. are both part of Whitehaven’s loan syndicate, according to data compiled by Bloomberg.

In all, Chinese and Japanese banks now hold over 50% of the debt facility at Sydney-based Whitehaven, compared with about 20% six years ago when local lenders dominated. Australia’s biggest lender, Commonwealth Bank of Australia, is no longer part of the group, though Australia & New Zealand Banking Group Ltd. remains.

More broadly, Asian banks dominate global funding for coal mines and plants, particularly in countries like Vietnam and Indonesia, which have some of the world’s most aggressive plans to ramp up coal power production over the next decade.

Chinese, Japanese and Korean state-owned export credit agencies are providing a “significant portion” of the money committed to building coal power stations in Southeast Asia, according to BloombergNEF.

Still, Japan’s biggest banks in particular are facing increasing pressure to withdraw from the coal business despite tightening their lending policies. MUFG said in May 2019 that it won’t provide financing for new coal-fired power generation projects, though it allows exceptions. Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. have said they will only direct new funding to highly efficient plants. Mitsubishi Materials Corp. recently sold its 30-year-old stake in Australian thermal coal producer New Hope Corp.

The quandary for Japan was expressed last month by the head of JBIC, the state-run firm that’s been lending billions for coal-power projects. Tadashi Maeda said he prefers to invest in new technology to reduce emissions, rather than scrap financing altogether.

“Is it just enough to say we don’t do coal?,” Maeda told reporters. “If Japan doesn’t do it, other countries will.”

Asian banks aren’t the only life-line for coal miners. Private-equity firms are now a ‘’major source” of capital for coal deals, said Garold Spindler, chief executive officer of Australian coal miner Coronado Global Resources Inc.

When Rio Tinto Group sold its last Australian coal mine in 2018, the buyers were private equity firm EMR Capital Advisors Pty Ltd. and Indonesia’s PT Adaro Energy. Australia remains the world’s second-largest thermal coal exporter after Indonesia.

On a smaller scale, local activists tracking coal deals are starting to see unusual names pop up. When Wiggins Island Coal Export Terminal refinanced in 2018, lenders included distressed-debt funds Burlington Loan Management and Varde Investment Partners LP. One of the financiers of Whitehaven’s recent issue was Australian non-bank lender Metrics Credit Partners.

These new backers are increasingly drawn to coal projects in search of yield. Whitehaven refinanced its most recent loan at a rate of 200 basis points over the Australian swaps rate, or more than 40 points higher than the median rate for Aussie-denominated corporate loans of the same maturity, according to Bloomberg data. In an era of rock-bottom interest rates, that’s an attractive yield for a profitable company.

“There will continue to be financing at the right price,” said Dan Farley, Boston-based chief investment officer of Investment Solutions at State Street, who oversees $266 billion. The company didn’t disclose whether these holdings include coal.

However, as more banks retreat from funding thermal coal, operators around the world are bracing for higher finance costs – and increased risks that the projects will be scrapped. Last year, Polish generator Enea SA told shareholders borrowing costs would increase, and in February said it was suspending support for a new power station.

“There is clear proof that capital is fleeing the thermal coal power sector,” said Tim Buckley, director of energy finance studies for Australasia at the Institute of Energy Economics and Financial Analysis. “Not all capital, not yet, but the tide is going out.”

The industry will face particular challenges for new projects, especially if coal prices continue to fall and as banks face more pressure to pull out. Billionaire Chris Hohn’s Children’s Investment Fund Foundation last week called on HSBC Holdings Plc and other U.K. banks to phase out coal financing. HSBC said it doesn’t support new thermal coal mines and hasn’t financed a coal-fired plant since 2018.

About half of the proposed 41 gigawatts of coal-fired capacity in Indonesia and Vietnam over the next decade haven’t secured funding, and plans by some banks in Japan, South Korea and Singapore to exit the sector increase the risk they never will, BloombergBNEF said in a report last month.

Global finance is on a “progressive exit” from the coal sector, IEEFA’s Buckley says. “But it will be a transition, not an abrupt overnight closure.”

(By Emily Cadman, with assistance from Matthew Burgess, Apple Lam and James Thornhill)