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As for the bigger picture, Tao admitted the country's economic downturn and sluggish demand in the real economy could be attributed to contractions in shadow banking.

As Singapore braces for a sharp rise in new COVID-19 cases, researchers and companies are rising to meet the demand for test kits.

As for healthcare, there are a lot of challenges both in the world and in China that need to be addressed through progress and innovation, such as cancer, an increasing problem for Asian societies, while Chinese players are making remarkable developments in the life sciences field, he said.

As a sovereign state, China is immune from the jurisdiction of any foreign court. Under most international legal systems, China would need to consent to having litigation filed against it before it could be sued, so it's highly unlikely for such a lawsuit to prevail in court, experts said.

As a result of Chinese skipping fashion week events, domestic brands have to handle declining sales and publicity and local designers are unable to present new collections to foreign buyers. This will run into next season's ordering schedule.