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Chen warned that the global economy is threatened by risks including high debt levels, high government leverage ratios, the possibility of ruptured global supply and industrial chains and a rising unemployment rate.

Chief Superintendent of Police Public Relations Branch Kwok Ka-chuen said rioters have caused extensive damage to almost every single district across Hong Kong since October as altogether 897 locations have suffered varying degrees of damage.

Chen Weihua in Brussels and Rena Li in Toronto contributed to this story.

Chen Kexin, chief analyst of industry information provider, the Lange Steel Research Center, estimated demand for steel will increase after the epidemic, due to a highly likely V-shaped recovery in the Chinese economy, boosted by government measures such as countercyclical adjustments.

Chen, from the central bank, expected the economy to recover rapidly, supported by resumed production and inventory replenishment. "The most likely scenario is a V-shaped (or rapid) recovery, with the total economic impact relatively contained."