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As global attention turns to Beijing with the start of China's two sessions on Thursday, experts said that the nation's biggest annual political event will indicate the direction of its socioeconomic development amid the COVID-19 pandemic and will inject confidence into the gloomy world economy.

As a result, the US exporters "are put at a major disadvantage" because their competitors in Europe, Japan and South Korea can continue to ship to China with no restrictions, he said.

As cases of the new coronavirus grow on the Chinese mainland, producers of all seven big films once scheduled for the lucrative Spring Festival holiday announced they would cancel screening on Thursday, an unprecedented move estimated to cause a huge financial loss.

As for the bigger picture, Tao admitted the country's economic downturn and sluggish demand in the real economy could be attributed to contractions in shadow banking.

As early as Feb 14 when COVID-19 had not yet been declared a global pandemic, He Jialang, vice-president of the World Federation of Chinese Medicine Societies－who was in Rome at the time－already realized that time was of the essence when it came to epidemic prevention and control.