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Amid mounting downward pressure on the economy, risks in the economic sphere may accelerate the transformation into financial risks, Liang said, adding that the country will step up efforts to forestall and defuse such risks while adhering to high-quality economic development.

Amid the unexpected epidemic, a large group of SMEs are facing bottlenecks in resuming normal orders, mainly due to labor shortages and supply chain issues. Ant Financial, a unit of e-commerce giant Alibaba Group Holding, said in a recent report that nearly 80 percent of the SMEs are in urgent need of funds.

Among the most notable achievements, the leverage ratio was stabilized, the country's shadow banking assets at the end of June shrank to the lowest level since the end of 2016, and the legitimate interests of clients were protected during the takeover of Inner Mongolia-based Baoshang Bank to contain its credit risk.

Amazon’s primary competitor in smart speakers and voice assistants, Google, introduced variable playback speeds last year for podcasts and news on its Google Home devices.

Amid a volatile international situation and a raging global pandemic, Hong Kong needs to adjust its strategy to better align with the country's development plans, Chan said.