China has plenty of items in its policy toolkit to ease economic pressure from the coronavirus outbreak, but investors should expect the authorities to channel funds into the most vulnerable businesses - a "precision irrigation" approach rather than flood-style stimulus.

The world's second-largest economy can barely begin to count the cost of its public health crisis. Employees have struggled to get back to work after an extended Chinese New Year break, keeping businesses and factories shut. Some cities are still under lockdown as the authorities impose travel restrictions and keep residents indoors.