The impact of the corona virus has now reached the economy. Hundreds of billions of dollars got wiped off the value of leading Chinese companies on the first day of trading. Since China's markets opened after the Lunar New Year holiday, now it's the Shanghai Composite Index we're talking about. It closed nearly eight percent down. That's its worst performance in nearly five years. The slump coming despite the Chinese government injecting more than 170 billion dollars into the markets to try and ease investors concerns, meanwhile, a special hospital to deal with the crisis has been opened in Wuhan and that's the city at the center of the outbreak. What is amazing about this hospital is, it was built in just eight days.

The 1,000 bed hospital, one of two dedicated facilities built to help tackle the outbreak. We are expecting the second one to be finished on Wednesday. More than 360 people in China have now died from the virus. More than 17,000 people have been infected and in Hong Kong, medical workers have been striking to demand the closure of the border with mainland China. There are real fears of the virus spreading into the territory and in the last few minutes, we've been keeping an eye on a press conference from Hong Kong's chief executive. She has now said that 10 out of 13 with the mainland will be suspended and after they leave, they will come back again and therefore they may still cause concern because there's risk of them bringing back the disease. So today I'm going to announce that for all land crossings and sea crossings, there will be just two boundary control points.

Restrictions put in place by the semi-autonomous government there in Hong Kong. First they reduced air traffic coming from the mainland to Hong Kong last week by about 50% and shut down various other ways of getting into Hong Kong. Now they've gone even further. Now just leaving three ways to get into Hong Kong from the Chinese mainland. The first is by air into the main airport, the second is through the Schengen Bay Area and the third is through that newly built bridge opened last year that links Macau, the Chinese mainland and Hong Kong so they're trying to restrict the areas to restrict the travel but also so they can create these bottlenecks, whereby they can assess people going out but of course more importantly as well coming in.

The context here is that Hong Kong is a travel hub, obviously a huge number of people going through it, so that presents a concern with spread many of them from the Chinese mainland but also during the SARS outbreak some 18 years ago, Hong Kong was hit disproportionately hard and that's why it is even keener to take the measures it can to try and ensure that isn't repeated this time around and there's been worries for days now about the impact of the Coronaviruson the Chinese economy and we're seeing evidence, very real evidence of that today, certainly in the short term. The markets here today are just a kind of a sea of red. It's the first time, investors have had a chance to express their feelings since the end of the extended Lunar New Year Festival so there was going to be a sell-off anyway but it was pretty severe when it came and the market in Shanghai closed down nearly eight percent overall about 400 billion dollars worth of value wiped off leading companies.

It spread to commodities as well, which is hugely important in terms of a gauge of China's economic health, so copper, steel, rubber, cotton, all of those down by a huge number. This is a barometer not so much of how investors think the Chinese government has dealt with or is dealing with the outbreak but about the future and about the impact they'll think it will have on China's economy and China's economy is already having to deal with a slowdown in its growth rate the like of which it hasn't seen for some three decades so all the government has been trying to use some measures to try and ease the slowdown there.

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