The Beijing-based press agency Xinhua said today that China's economy has endured the blow caused by the epidemic, adding that comments made by a US federal official that the virus could return some jobs back to the United States were "self-centred, unprofessional and unethical".
Chinese authorities reported that the number of people infected by the virus first found in Wuhan had risen to more than 17,000 as of Sunday night.
The Lunar New Year holiday has been effectively extended by 10 days in many parts of China including powerhouse regions such as Shandong province and the cities of Suzhou and Shanghai, while transport networks have been curtailed to curb the spread of the disease.
He noted that any major decline shortly after the reopening of the markets would be a "catch-up".
But China's travel and tourism sectors have already taken a hit over an unusually quiet Spring Festival break this year, with large-scale events cancelled, public attractions closed and people urged to stay home to help contain the outbreak. Moreover, the virus outbreak could further slow down the economy if it goes on for an extended period of time.
Foxconn, Toyota, Starbucks, McDonald's and Volkswagen are just a few of the corporate giants to have paused operations or shuttered outlets across China.
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China saw the slowest economic growth of 6.1 per cent in the last three decades past year, seems to be having just a more challenging situation coming up against them.
Under the said initiative, the People's Bank of China is slated to make investments in varying securities and industries, states The Guardian.
"The coronavirus repercussions on the economy mark the latest in a series of setbacks in the economy over the past year, including a handful of bank failures sparking contagion fears, forcing the central bank to become ever more generous with the provision of liquidity to markets".
China's central bank and other regulators announced a slew of targeted measures aimed at helping companies, banks and individuals hurt by the coronavirus outbreak.
The central bank would be less strict in its checks on banks' required reserves for the end of last month, and would facilitate companies' use of foreign exchange to ensure that offshore borrowing is not affected and goods needed to battle the virus can be imported without problems.
Investors are bracing for volatility when Chinese markets reopen on Monday.