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The third channel for short-term shocks to linger is via the possible swift deleveraging in the stock market. During the 2015 market meltdown as well as in the second half of 2018, slumping share prices led to a large-scale sell-off of stocks pledged as collateral for listed firm loans and margin trading. This accelerated market downturn and threatened financial stability. Now, it is conceivable that a virus-triggered market decline may lead to a repeat of such risky deleveraging.

The top market regulator unveiled a mandatory standard for care providers on Monday, urging retirement homes to comply with fire, food safety and sanitation rules.

The third phase continues a gradual easing of restrictions, allowing vulnerable people to return to social settings while practicing physical distancing.

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The time it takes to complete the procedure has been reduced from 10 to five working days. A work permit must be secured before the R visa application process begins.

The testing capacity of testing bases in urban areas should reach 10,000 samples a day, and the figure should be increased to 30,000 samples a day during epidemics, according to the program.

The theme of the conference, hosted by the International Organization of Vine and Wine (OIV), is: "Preservation and innovation: expectations at the environmental, economic and social level."

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The tourism sector will take a long time to recover as a result of the COVID-19 outbreak's severe impact on tourism-related businesses, according to a report issued on Tuesday.

The trade volume of Guangdong's privately-owned enterprises hit 3.14 trillion yuan, up 14.5 percent year-on-year. The number accounted for 46.1 percent of the provincial total, 2.6 percentage points higher than 2016.

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The tie-up follows the Ministry of Finance's recent statement urging Chinese audit firms to embrace global practices.

The three countries will "have great potential to demonstrate to other countries in Asia and the world how it will be possible to reduce CO2 emissions and at the same time create opportunities for industrial development", said Masaru Yarime, associate professor of the division of public policy at the Hong Kong University of Science and Technology.