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Ant, which claims to have 1 billion global users, has already gotten a range of financial licenses in China covering payments, online banking, insurance and micro lending.

Apart from challenging traditional media outlets, its meteoric rise is stealing the thunder of Tencent's WeChat, through which users can make video conference calls, pay for taxi rides and order food on a daily basis.

Another indication of the coronavirus taking its toll on the US economy was data released on Friday that showed US consumer sentiment fell to a three-year low, according to the University of Michigan.

Another trend in student career choices was the increased competitiveness of local Chinese companies, represented by technological internet giants like Huawei, Tencent, Xiaomi, Alibaba and Baidu.

Anthony Fauci, the administration's top infectious diseases expert, said in a recent interview with Time magazine that the United States needs to "significantly ramp up" its testing capacity in order to effectively contain the spread of the virus.