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Apart from financial injection, Merck is also planning to provide training during the three-month incubation period and looking to offer industry cooperation opportunities and next-phase of grooming in the future, said Sun Zhengjie, managing director of Merck Innovation Hub China.

Anthony Fauci, the top US public health expert who has led the National Institute of Allergy and Infectious Diseases since 1984, said in Senate testimony on Tuesday that the country's official death toll was probably undercounted, and warned that "the consequences could be really serious" if the country prematurely lifts lockdowns.

Ant's services use big data analysis to pinpoint needs and automatically evaluate risks before giving out loans. Bad loan ratio of its Jiebei online small loan service stands below 1 percent, which is significantly lower than the 30 to 50 percent industry average, she said.

Anthony Tan, Group CEO and co-founder of Grab, said the new capital would also be used to accelerate the application of its GrabPay mobile payment service in Southeast Asia.

Another reason preventing a further easing of the monetary policy is the need to prevent systemic financial risks. But fiscal policies can play a major role in supporting economic growth in China, he said. "When unconventional monetary policies are becoming conventional, it will be difficult to come back," which in turn may lead to corporate debt surges or stimulate property bubbles.