(Yicai Global) March 30 -- The International Olympic Committee announced on March 24 its decision to postpone the Tokyo Olympics to next year in light of the rapid increase in the number of Covid-19 cases. This postponement will inflict USD6 billion in direct economic losses, several Japanese media speculated.

The Shanghai Composite Index closed out last week at 2,772.20 points in a weekly 0.97 percent rise. The Shenzhen Stock Exchange Index finished at 10,109.91 points for a weekly decline of 0.40 percent, while the GEM Index ended at 1,903.88 points in a 0.58 percent weekly drop.

Leaders of the G20 concluded their special summit on Covid-19 on March 2. The group of the world's most economically developed nations unfurled an economic plan worth USD5 trillion to deal with the pandemic's adverse effect on global society, the economy and finance, and support central banks in taking steps to promote financial stability and boost global markets. To enhance liquidity, they will increase investment in vaccine and drug research and development funding and bolster international cooperation in digital technology and medical science.

The Covid-19 pandemic slashed the total profit of industrial enterprises above the designated size of CNY20 million (USD2.8 million) in annual revenue by a yearly 38.3 percent to CNY411 billion (USD58 billion) from January to February, China's National Bureau of Statistics announced on March 27.

The Political Bureau of the Communist Party of China Central Committee proposed on March 27 that the fiscal deficit rate be appropriately raised, special treasury bonds be issued, the scale of local government special bonds be increased, the interest rate of the loan market be steered downward, and liquidity be kept reasonably sufficient. It cited the need to accelerate the release of domestic market demand and, per the premise of the coronavirus prevention and control measures in place, to promote the orderly resumption of various shopping malls and markets, and the normal operation of the life services industry. It also noted the necessity of expanding household consumption, rationally increasing public consumption and rekindling physical stores' business, while preserving the popularity of new online shopping.

Editor: Ben Armour