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The market, amid fears of the outbreak spreading all over the world, expected the Fed to continually cut rates to cushion the economic blow. The next cut may come later this month after the Federal Open Market Committee's regular meeting, said analysts.

The meeting urged the full implementation of all policies introduced to help businesses overcome outbreak-related difficulties.

The ministry has allowed the companies to send applications for the parameter renewals of licensed models and provide the test results later, and has slashed the time needed for new vehicles to get all approvals.

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The maximum speed of China's current bullet trains rose to 350 kph when the Fuxing (Rejuvenation) bullet trains started operating between Beijing and Shanghai in 2017. The country's maglev train conducted a successful test run in June, reaching a designed speed of 600 kph.

The mechanism has become a key platform and thruster for the common development of both countries, he said.

The meeting urged to win the battle against poverty and secure the basic living conditions of people in straitened circumstances, mapping out major poverty alleviation tasks for 2020.

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The ministry added that the work of flood control, emergency rescue, and disaster relief is at a crucial stage at the moment.

The measures can help Taiwan businesses reduce their manufacturing and operating costs, speed up transformation and upgrading and expand the domestic demand market.

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The meeting called for nurturing more outstanding and dedicated young scientists and research teams led by top scientists.

The minister's remarks came at a time when China and the ROK are seeking to properly handle disagreements over the deployment of the US Terminal High Altitude Area Defense system. Beijing has firmly opposed its deployment because THAAD could harm China's strategic security interests.