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Asian business owners dropped by 21 percent and Latinx business owners down 19 percent. Immigrant business owners experienced substantial losses of 25 percent, according to the paper.

Assuming that there is no big resurgence of COVID-19 cases and China-United States relations stay largely unchanged, economists forecast that China's economic recovery will continue to be on a firm footing and growth could further rebound to around 7 percent next year.

Asked why she chooses to teach Chinese kids, Covington, who is a frequent traveler especially to Europe, said, "there are children all over the world, but it's one of those things that our culture and the Chinese culture can be so different sometimes."

Asked what the world can do better in a similar crisis next time, Wu said it's important for a country to take action at the same pace, for "without getting compromise or agreement", it is very difficult to bring a pandemic under control.

Asakawa, 61, will replace Takehiko Nakao, who has been at the helm of the ADB since April 2013.