The pandemic has brought enormous shock. China is doing a good job   reducing the risk and containing the virus. Though there are still challenges,   China is well on way of recovery process. Some of the central banks have   eased the monetary policy to buffer the shock and to some extend to reduce   the damage. After the certain lockdown point, the action to protect people in   turn of health, is very same to what we do to help economic recovery. The   recovery won’t   be completed if people are not convinced that they are safe. Monetary is   aggressive and will be agressive for a long time, until when the market will   look pass the pandemic. The valuation of the market has shifted from tangible   to intangible assets in the last ten years. The digital companies is taking   big share of the market and they are doing well. The market will finally   return to normal, but the market is richly valued under the conditions, and   may be, to some extent, underestimating the bumpiness of the slow recovery.