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But the veteran business leader added that the most effective way to rescue the local economy is to get the COVID-19 pandemic under control.

By March, China established a four-level official rescue team system down to the county level, which has more than 250,000 members. There also are 11,000 civilian rescue teams with 694,000 volunteers, according to the Ministry of Emergency Management.

But, Winston Churchill said: "History is just one damn thing after another." The only really important goal is to be sure that the relationship between China and the US does not become one of those things. From a hard-headed realist point of view, the disputes between the US and China look small and short-term compared to the real interests we share in common.

By March 31, there were 21 Shanghai-registered legal person banks, more than half of the country's total. There were 227 profit-making foreign banking institutions with a solid base in Shanghai, a figure that more than quadrupled since 2001.

By accelerating the overall development of the Greater Bay Area, Hong Kong enterprises can gain access to the huge domestic market, said Cheung's blog article.