A special G20 summit will launch a $5 trillion plan to boost the economy.

    According to the joint statement, the G20 aims to protect human life; Ensuring jobs and incomes; Restoring confidence, maintaining financial stability, restoring growth and strength; Minimizing disruption to trade and global supply chains; Providing assistance to all countries in need; Co-ordinate six targets, including public health and fiscal measures, and launch a $5tn plan to boost the economy.

    Affected by this, U.S. stocks opened slightly higher after continued to pull up, the Dow rose more than 7.5%; The S&P 500 rose nearly 5% and the Nasdaq rose more than 4%.

    Notably, the latest data showed that initial jobless claims reached a record high of 3.283 million for the week ended March 21, as businesses across the country closed due to social quarantine policies to contain the growth of the virus. JP Morgan slashed its forecast for US economic growth this year, forecasting a 10 per cent contraction in the first quarter and a 25 per cent contraction in the second quarter, from 4 per cent and 14 per cent respectively.

    In an effort to contain the spread of the virus, at least 50 countries have declared a state of emergency, and more than 100 countries and regions have imposed restrictions on flights, trains and ships. An increasing number of countries have started to lock down cities or even countries. Restrictions on the flow of people and logistics have not only caused enterprises to stop production, but also severely impacted the global supply chain and industry chain. Service industries, such as catering and tourism, have also been hit hard by suppressed consumer demand.

    The global fight against the virus and protect the global economy is about to start.