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"But what's really unusual is the nature of the crisis, driven by a deadly virus. This is the first time in several generations that we've seen a global economic downturn driven entirely by a social challenge."

"China has been increasing the number of new subway projects and upgrading the old lines, which greatly boosts our domestic sales," said Chen Fei, manager at Kunshan Alex Railway Fastening, that makes track fasteners for subway projects in Suzhou, Shanghai, and Shenzhen.

"But starting from 2005, about 10 years after my graduation, more and more Chinese students have come to study fashion design in the US," said the Beijing-born couturier who established her couture brand under her name in Shanghai in 2009. "They've slowly gone back to China to establish their own brands, so now they are getting attention."

"Byton is inspired by 'bytes on wheels'. Byte stands for the internet and wheel stands for the auto industry. We want to build Byton into the next-generation smart device," said Daniel Kirchert, president of the 1-year-old startup when he addressed the audience.

"China has made welcome progress in reducing external imbalances over several years, and the external position in 2018 was broadly in line with medium-term fundamentals and desirable policies," Lipton said.