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The median market forecast was for a 4.6% contraction in the first quarter.

The meeting called for intensified efforts to ease the difficulties facing businesses. Local governments should establish, based on local needs, special mechanisms to help companies cope with the impact of the outbreak. Temporary measures should be implemented to support small and medium-sized enterprises, including cutting or waiving rent for private, micro and small firms in State-owned properties, lowering lending rates and improving tax relief policies.

The media likes the word "trap", the "Thucydides trap", the "Kindleberger trap" and the "middle income trap". In our view, it represents a rather pessimistic perspective. We Chinese always believe that there are more opportunities than challenges, and more solutions than problems. Even in crisis, there lies opportunities. Being optimistic is important, which is also true when it comes to the debt problem. For those countries that are grappling with debts, once they pull it through, their economy may face a bright outlook. China was also financially stripped at some point in the past. But we dealt with it and made progress in our development. It is not realistic to expect a happy life to fall into your lap without working hard for it and taking risks, including taking on some debt in this case.

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The meeting of the leading group of the Communist Party of China Central Committee on coping with the novel coronavirus pneumonia outbreak underlined the importance of ensuring the basic standard of living for poor people.

The ministry said in a press release that tech giant Baidu and ByteDance, which owns news aggregator Jinri Toutiao and streaming platform Douyin, have made use of their technologies to help identify homeless people in a bid to reconnect them with their families.

The ministry said the technology could be applied to the industrial internet and urban public services.

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The ministry required strict examination of chartered vehicles and their drivers for tour agencies. Tour agencies are urged to pay close attention to flood conditions. Fire safety checks will also be conducted in scenic areas.

The ministry will also give instruction in soccer training to 200 kindergarten teachers and 200 kindergarten principals, he said.

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The ministry also showed that, in January 93 new projects registered on the national PPP database, including projects of municipal engineering, transportation and environment protection.

The mechanism upgrade in 2016 also expanded the number of administrations which are responsible for financial punishment from 18 to 28. In addition, the upgrade included 10 new financial restrictions, such as banning tax violators from entering certain markets and preventing them from exchanging public resources.