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"China has done a good job of informing the public of the seriousness of the epidemic and how to stop the transmission, which helps raise the public health awareness," Ren said, adding that she will continue to maintain a one-meter gap even after the epidemic.

"China is no longer the developing economy that relies on low costs but today it competes on the mid- to high-end markets and if it is to be successful it has to step up the reliance and quality of its products and production," said Niklas Swanstrom, director of the Institute for Security and Development Policy.

"But now our challenge is to make correct decisions for future competition, but you never know what your decisions made today may mean three or five years later," he said.

"China has thus far achieved a significant victory with regard to tackling the novel coronavirus. However, there are two major risks that are blighting the growth recovery. External demand has been falling as the epidemic is spreading to more economies, while chances of a potential second wave of infections within China are also rising," said a research note from Japan-based Nomura Securities.

"China is going to eat our lunch? Come on, man! I mean, you know, they're not bad folks, folks. But guess what? They're not competition for us," he said.