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"Capable shipyards have already shifted a part of their business to maritime economy and other fast-growing businesses such as new materials, mechanical and electrical equipment, because, apart from higher profits, there is also less competition as not many shipbuilders are able to produce these sophisticated products," said Li.

"China first and the rest of the world next," Glaser said explaining the company's overall strategy. "The primary market for our new products is in China and then we will take it as a starting point to expand our businesses to other parts of the world."

"But now is not that time. Now is the time for unity, for the international community to work together in solidarity to stop this virus and its shattering consequences," he said.

"By cooperating with other countries in a more open manner, China is seeing improving external environment for its high-quality development," said Li Xunlei, chief economist with Zhongtai Securities.

"China holds the promise to become a primary source of many next-generation medical technologies. Medtronic is determined to capture the opportunity through continued investments in local R&D capabilities and technology partnerships, as we believe technology has greater potential in addressing unmet medical needs - which will therefore drive our business presence," said Gu.