The global implications of coronavirus were outlined at the first ’virtual’ webinar of Standard Bank’s 2020 investment seminar series.

Among those taking part was a leading Chinese economist, Jinny Yan, who was interviewed last May by Business News during a visit to the island.

At that time she told us the island should not be afraid of dealing with big name companies from her homeland such as Huawai.

Ms Yan, chief China economist for ICBC Standard Bank, and Standard Bank’s head of G10 strategy, Steve Barrow, weighed up the revised Chinese growth potential in the aftermath of Covid-19 before deliberating the likely magnitude of the pandemic on G10 economies.

More than 500 delegates including people from the island, participated in the presentation which concluded with a question and answer session.

Ms Yan, considered a go-to expert on Chinese finance, provided insights into the economic requirements for China and the impact of the virus on the second largest economy in the world.

Ms Yan outlined the country’s current position, pinpointing how retail sales and investment suffered their first double-digit contraction in the first quarter of the 2020 for the first time since the 1970s.

She also shared with the audience statistics of the sectors hardest hit, which also include construction, hospitality (more than 35 per cent) and aviation, before outlining what progress needs to be made in the months ahead.

She told the webinar: ’Yes, there is a major focus on economic recovery and a need to bounce back but significant challenges lie ahead, not least the looming risk of a second wave of the virus.

’Demand deficiency is an issue and, furthermore, there is uncertainty within the exports sector with companies not willing to spend on investment. Challenges like these will naturally weigh on China’s consumption-led economy.

’There is, however, a silver lining with enough evidence to justify further policy support by the government and a comprehensive package of support measures for the economy.’

She warned: ’As it stands multiple dimensions of this crisis are unprecedented and unknowable.’

Mr Barrow, who has been at Standard Bank since 2008, went on to discuss the likely magnitude of Covid-19 for G10 economies, the appropriateness of policy responses, and shared views on the trajectory of asset prices over the long term.

He said: ’Unless the pandemic is stopped, economies and markets around the world will continue their freefall. But even if the pandemic is more or less contained, overall growth still may not return by the end of 2020,’

He added: ’As it stands, I expect the US to recover first due to its dynamic economy, although that doesn’t necessarily mean it has the best strategy for taking risks.’