The coronavirus pandemic has brought havoc to almost all nations in the world with confirmed cases topping more than 1 million worldwide, and governments across the world are issuing nationwide lockdowns, economic relief and national emergencies.
However, one nation in particular, China, is exploiting the situation by profiteering through the much-needed health supplies such as masks, personal protective suits (ppe) and ventilators.
China is immensely making billions of dollars everyday out of thin air, with the masks, ppes and ventilators that are exported throughout the world had a mark-up of 100-400% increase in its selling price.
Before the covid pandemic started in November, the cost of a single mask in a Chinese manufacturing company is Php4.00 but now it cost Php16-22.00 per unit, that’s a 400 percent increased. While ventilators had a 100% increase from the usual Php60,000 per unit which cost now Php100,000 upwards. PPE’s had also a mark-up of 150-200%.
The Chinese government on the other hand, has defended the price increase stating that these are difficult times and that the demand for the health items has skyrocketed prompting the price of raw materials that China imports has increased also.
“The price increase is always interconnected to demand and the price of raw materials, this is a world accepted fundamental in business and manufacturing but China had already donated millions of masks to affected nations”, said by Chen Zhang-xi of China’s Ministry of Commerce.
This is not the time to make excessive profits
An outspoken Brazilian minister has openly accused the Chinese government of profiteering. Brazilian Minister Abraham Waunbraig stated an interview, “When the crisis erupted, instead of alerting the world, they withheld information and rushed to build respirators, which they’re now selling to a world that’s desperate for them”.
China’s profiteering scheme is an added injury to nations who are importing masks, ventilators and ppe’s from China of which the much-dreaded coronavirus originated. China should be humane in these trying times and show compassion to nations who are in a desperate situation and not make advantage of it for their own national gain.
But hey, it’s China. Business is always business. China may even to extreme extent use this situation to buy companies who are deeply affected and have influence and control on that particular country. Any political analysts would say that China has mastered the art of deception and manipulation. And that reflects to the actions of China in the hotly-contested West Philippine Sea (South China Sea).
If China continues on this path of profiteering, the world will surely come back and ask China for damages and reparations. US officials are now in talks with other concerned nations if China should be held liable to the pandemic.
A British think tank has recommended a multi trillion-dollar lawsuit against China to the tune of $6.5 trillion.
“China should be sued under international law for trillions of dollars for its initial cover-up of the coronavirus pandemic which has caused more than 60,000 deaths and trillions of dollars in economic damage. By computing the cost of damage caused to advanced economies and assembling a series of possible legal processes to which the rules-based order can have recourse, we offer a sense of how the free world might seek recompense for the appalling harm the CCP has done”, the Henry Jackson Society stated in their report.
But in all honesty, you and I can agree that China should be held liable. This is their fault, plain and simple.