CCTV Script 25/03/20

— This is the script of CNBC's news report for China's CCTV on March 25, 2020, Wednesday.

New York City is the most densely populated city in the United States, making it especially vulnerable to outbreaks, media reports say the number of confirmed cases in New York is doubling every three days.

New York state has more than 25,000 confirmed cases, according to the latest data, nearly two-thirds of them are in New York City, New York alone has more than a third of the country's confirmed cases. Meanwhile, the number of local deaths has reached 131. New York mayor Bill De Blasio said at a news conference that he did not want to see such an outcome but there is no doubt that New York City has become the epicenter of the epidemic in the United States.

Bill de Blasio

Mayor of New York City

We are the epicenter, we don't want to be epicenter, but we are the center of this crisis for this nation, we need more federal help and we need it quickly.

New York is America's third-largest economy seen from the GDP shares. As the number of confirmed cases has increased, so has the impact on New York's economy. New York state's budget director told the Wall Street journal Thursday that the state's gross domestic product is expected to contract in the second quarter and could continue to contract into the third quarter.

The outbreak will also cost New York state between $9 billion and $15 billion in lost revenue. Last week, New York's comptroller's estimate was between $4 billion and $7 billion; the latest estimate has doubled. It has also had a huge impact on people's lives as the closure of business has pushed up local unemployment. While no exact figures have been released, local media reported that the New York state department of labor received 1.7 million calls and 2.2 million site page views in the past week, mostly from people seeking help with unemployment insurance.

Despite the economic impact, constraining outbreak remains a top priority for local officials.

New York state is struggling to deal with the outbreak, New York mayor Bill De Blasio is seeking further closures of parks and playgrounds starting Saturday. Under the circumstances, US President Donald trump said he wants to get people back to work by Easter Sunday, which is April 17. This caused a public outcry from the governor and mayor of New York.

Andrew Cuomo

Governor of New York

I want to make an point on the president's point about the economy and public health,  i understand what the president is saying that this is unsustainable,, but if you ask the American people to choose, between public health and the economy, then there is no contest, no one America is going to say, accelerating the economy, at the cost of human life.

Bill de Blasio

Mayor of New York City

But I have to respectfully disagree with him when he says, as he said earlier today, that he's not looking at months for this crisis. I have to say, Mr. President, I wish that was the case for New York City. I hope that's the case for other parts of the country. But right now, we are looking at months, we are doing all we can just to get through March right now, particularly in terms of our health care system. April will unquestionably be worse than March. And right now, my fear is that May could be worse than April.

Right now, the debate over protecting the economy or health is not just happens in local and federal governments in the United States, but also in various areas. While some argue that the U.S. economy may not be able to withstand a prolonged shutdown, the medical community warns that death rates could rise sharply if vigilance is relaxed. That could be a difficult problem for the Trump administration. We will also keep an eye on what happens next.