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"By encouraging the establishment of creditor committees, our banking association guided private companies to correctly understand what a reasonable debt load is. Members of the creditors committees took concerted action to help private firms comb through their debt structure, dispose of idle assets, return to core business and deleverage," she said.

"Canada really has a reasonable institutional framework for coordination between jurisdictions because of historical circumstances," Fierlbeck said. "At this point, most of the first ministers have not decided to play politics with COVID the same way that certain American officials have been."

"But the situation, I believe, will change, if the blacklist regulation, a bigger threat, takes effect."

"But we should care about any cliff-style drop of credit in the future," or a sudden slowdown in credit growth, Hu explained, because large policy changes may lead to unstable expectations among investors.

"But our pressure is far less than the small- and medium-sized service providers. Their difficulty affects the entire industry," said Liang.