Liu Lihua, deputy director of the Economic Committee of the 13th National Committee of the Chinese People's Political Consultative Conference and former vice-minister of industry and information technology, said green development is not only a key strategy to address climate and environmental issues, but also a panacea for promoting steady economic development and driving continuous industrial upgrading in the post-COVID-19 era.

Even though the RCEP is not a panacea for economic challenges, it represents a significant step toward greater regional integration and cooperation, said Jiang Ruiping, a professor of economics at China Foreign Affairs University in Beijing.

But, is digitalization a panacea?

While it is not rare for new brands to achieve overnight fame via livestreaming, adopting this approach as a panacea is dangerous.

Livestreaming shopping, while effective in boosting sales, is no panacea.

However, the recent frenzy of transforming hypermarkets into membership outlets has triggered questions about whether it is the panacea for the struggling offline retail trade, which has lost ground to rapidly rising e-commerce amid the COVID-19 pandemic.

To tackle the acute gap created by the low bank penetration rate in parts of Southeast Asia, where a huge number of cash-based individuals are unable to access credit and other financial facilities, Hong Kong-based startup Oriente has stepped in with the panacea.

"Monetary policy is not the panacea to solve all of the problems, especially as the probability of external shocks is increasing," said Xu Zhong, director of the central bank's research bureau.