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"Efforts to protect life and property within the Storm Surge and Hurricane Warning areas should be rushed to completion before storm surge and tropical storm force winds arrive," it added.

"Despite China's effective efforts of epidemic control and prevention, the spread of the virus across the globe makes it difficult to predict the magnitude of its impact on both China and the global economy." Gao told a news conference in Beijing, adding that there's tough work ahead.

"East Asian countries supported each other with medical supplies and shared relevant experiences and technologies, which proved through facts and actions that multilateralism, solidarity and cooperation are the most effective ways to deal with the pandemic," said Cao Jing, deputy secretary-general of the Trilateral Cooperation Secretariat.

"Developing fintech can be a critical opportunity for Asian financial centers, given their higher demand for digital and mobile services," said Garcia Herrero, who is also an adjunct professor in the Department of Economics at Hong Kong University of Science and Technology.

"Everything we use and need can be improved by 5G. It will help us meet targets such as the UN's Sustainable Development Goals and European Commission objectives on, for example, climate change and on road safety. For this to happen, choices have to be made. Choices of how to reconcile European values with revolutionary new technologies that are about to impact profoundly on our way of living," said Liu.