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As confirmed COVID-19 cases around the world keep rising, the economic impact has exceeded that seen during the 2008 global financial crisis. Although another Great Depression may not be on the horizon, temporary shocks might lead to a significant downturn.

As a traditional home appliance giant, TCL has announced strategic adjustment. Its consumer electronics, home appliance and intelligent terminal businesses will be split off from the listed company, as the company will shift its focus to semiconductor display, materials and other emerging businesses.

As for the next step, the administration is closely watching with other government departments, Li added.

As a working group led by Liu Zhao, vice-minister of public security, was dispatched to the scene on Sunday afternoon to help the investigation, another traffic accident caused two deaths and one injury in Tieling in neighboring Liaoning province, the Shanghai Observer, an online news portal, reported.

As far as digital output, the country's automotive, industrial equipment, infrastructure and transportation industries will lead the way in growth. Natural resources and consumer goods will be close behind. But the financial industry's digital output will represent approximately one-third of the sector's total in 2020.