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"Electric vehicles are the future both nationally and globally," said Kamran Caan, the council's cabinet member for public health. "We are committed to cutting air pollution in Coventry."

"Developing such cars is of great significance, which would create new economic growth points, alleviate trafficrelated problems and enhance China's competitive edge," said the commission.

"Extending the transitional period as appropriate will alleviate the blow of the epidemic on the asset management sector and the pressure on financial institutions from the revamping task," said a PBOC statement, adding that the move will also facilitate financing for the real economy.

"Economic growth in the first quarter is likely to get hurt since the outbreak coincides with the period surrounding the Spring Festival holiday," Tang said. "The coronavirus will hit tourism, lodging, catering, transportation and other related sectors hard. Sales of clothing, furniture, home appliances and cosmetics may also be affected to some extent. Despite the temporary impact on the Chinese economy, the outbreak won't affect the economy's mid-to-long-term fundamentals," Tang added.

"During the most severe period of COVID-19 in the first quarter and after the Chinese New Year, the top three airlines lost about 100 million yuan each per day. But since the second quarter, things have improved thanks to the effective measures to contain the contagion in China," said Chen Zhuo, a senior analyst with China Merchants Securities.