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"Compared with financial risks, the negative economic impact of the pandemic is a greater risk currently faced by financial institutions. In this sense, by giving support to the real economy, financial institutions are supporting their own development and preventing and controlling financial risks fundamentally," said Liu Jin, executive director and president of China Everbright Bank Co Ltd, a national joint-stock commercial lender.

"Coronavirus's economic danger is exponentially greater than its health risks to the public. The trillions of dollars wiped from financial markets this week will be just the beginning if our governments do not step in. And if President Trump continues to stumble, it may well affect his chances of re-election."

"Companies that have business relations with the US have already felt the shock," said Li Jianwei, chairman of Hangzhou Euroluck Import and Export Co, a cloth and textile trader. Li said orders started falling from the second half of 2018 on fears of punitive tariffs, though textile was not included in the additional tariff list then.

"China's shale gas production is still expanding despite the energy price crash," said Li Ziyue, an analyst with BloombergNEF.

"Construction of transportation projects is key to the economic growth, thus, we will step up the work resumption in good order," he said. "On Tuesday, the ministry released a notice to guide local governments and companies on resuming work."