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"China has yet to become a leader in this sector, but it has surprised the world in many different sectors before," said Fu.

"COAG is no more. It will be replaced by a completely new system and that new system is focused on the success that has been yielded by the operation of the National Cabinet," Morrison said.

"But the yuan is not heading for any major appreciation," Yang said, citing the regulators' policy stance of further improving the exchange rate regime and "keeping the renminbi exchange rate generally stable at an adaptive and equilibrium level".

"China has the best petri dish, and could produce ventilators and masks for the public good," explained Robertson, vice-president and fellow at the Canadian Global Affairs Institute.

"By exposing Cathay to healthcare, us to innovation in a global context, it is beneficial to us in the future."