But as the theory that inflation will peak and then fall falters, the Fed radically hiked its rate by 75 basis points last month, which might cause risks to spill over.

Instead, it will infuse instability into the global financial markets, accelerate the flow of capital and the fluctuations of exchange rates, spill over the risks and thus pose new challenges to unimpeded global industrial supply chains and efforts to lower inflationary expectations.

He also warned that if the conflict continues longer than expected or escalates, its stress on global energy and commodity supply chains will probably spill over to other sectors, resulting in less favorable external development conditions for the Chinese economy affected by disruptions of overseas supplies.

Wang Zhan, president of the Shanghai Federation of Social Sciences Associations, said the China International Import Expo and the Hongqiao International Open Hub can complement each other as international trade and business brought by the expo will spill over to the delta area through Hongqiao.

Besides, debt risks should not be allowed to spill over into the banking system, said Zhang.

Speaking of the spill over effect of the expo, Sun said foreign businesspeople might visit their Chinese counterparts across the country, tour the Yangtze River Delta, and go to the free trade zones in Hainan Island, all of which would enhance mutual understanding and push forward the country's reform and opening up.

"In the past, the 44 coal-fired boilers in the main urban areas of Qingdao often operated at full capacity each winter, causing heavy environmental problems from coal transportation, spill of cinder, chimney discharge and coal storage," said Xu Bing, general manager of Qingdao Energy Group, a State-owned large-scale energy supplier.

"Debt crises among some developers will not spill over to cause difficulties in overall financial markets, as the Chinese government has adopted effective measures to deal with developers' debt risks, including special loans to help them finish stalled presold housing and strengthening coordination at the local government level," she said.

He urged the zone to continue importing high-quality R&D resources from abroad while developing local innovation capacity in order to realize its promising prospects, which are predicted to spill over into connected industries and the wider Daxing region.

Despite it being a traditionally busy time for the property market, the reaction from house buyers in the country was not as fervid during the three-day holiday as the enthusiasm in March and April did not spill over into May.

According to Qi, cyberattacks targeting key infrastructure will impact a nation's national security, and the impact of a single cyberattack on the supply chain is likely to spill over to hundreds of thousands of enterprises, while cyber blackmail has become so common it is likely to co-exist with the digital world for a long time.

But Lau from Goldman Sachs said that the odds are low for the banking crisis to spill over to China.

If global financial markets continue to sour, it will definitely affect major economies and in turn spill over to put pressure on the Chinese economy, which has already slowed in the first quarter due to the novel coronavirus epidemic.

But as the adjustments ended and the market started to rebound again, the follow-through buying is expected to spill over into the new year, the market analysts said.

Du Hong, a lawyer with Jiangsu Duhong Law Firm, said financial reform expected to roll out in Hainan should be implemented gradually as risks may spill to other arenas at the time when regulatory frameworks at local levels are not in place.

Tightening is likely to hurt excessively levered carry trades, but unlikely to spill over to the real economy, said Liu Wenqi, an analyst at China International Capital Corporation.