"It's very important for the People's Bank of China  and other Chinese government authorities come out with some stimulus, or comfort or relief measures, so that market participants are more comfortable and restore some confidence," Tommy Wu, lead economist at the Hong Kong office of Oxford Economics told CGTN.

He was speaking after China's central bank decided to inject 1.2 trillion yuan worth of liquidity into the markets on Monday. 

How much the outbreak of the coronavirus affects the global economy is highly dependent on China's intermediate goods, he added. 

Hong Kong had been hit hard by last year's China-US trade tensions and by local unrest, Tommy said, so it may face another year of constriction in 2020.