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As the pandemic struck a blow to the already struggling global economy, undermined global trade and impeded industry and supply chains, it is neither appropriate nor possible to seek decoupling in technologies and industries, he said.

As traditional friendly countries, China and Estonia "both firmly support multilateralism and free trade and have made tremendous achievements in economic and social development," said the Chinese ambassador.

As the pandemic so far is far worse than most people contemplated, "it means that many of the developing countries and emerging markets will be unable to pay what is owed. The initial response of the G20 was a stay, but the stay is not enough," said Joseph Stiglitz, a professor with Columbia University and a winner of the Nobel Prize in Economics.

As the efforts to curtail the deadly virus have paid off, the province issued an announcement on Wednesday that those businesses could resume operation on the very same day.

As the deferral eases the pressure faced by the real economy and financial institutions, it will help safeguard financial stability and spur healthy development of the capital market, said Kang Chongli, deputy dean at the research institute of Yuekai Securities in Guangdong province.