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"COVID-19 is the most tumultuous, most catastrophic and the most defining epoch of our lifetime. One cannot think of anything else that has happened with such speed－from the end of December, when the first cases were reported in China, to now," she said.

"China has the world's most complete industrial system and has the world's largest domestic market. The industrial fundamentals in China also remain good. So we believe the impact will be controllable," Xin added.

"By getting listed, fintechs will consolidate previous achievements in development and will take the IPO as an opportunity to rectify nonstandard businesses so that they will meet compliance requirements. Besides, the status of listed companies will be helpful for them to obtain the relevant qualification accreditation or file for record under tightened regulations," the report said.

"California has a responsibility and obligation legally and otherwise to enforce those laws," said Newsom, adding that he may utilize "the power of the purse" to assure public safety. "That will be an exception, and we hope we never have to trigger that," he added.

"China has entered a stage of stable leverage as the country's deleveraging efforts have delivered primary effects," Liu Shijin, vice-president of the China Development Research Foundation, a government think tank, told the Economic Daily.