COVID-19　has　influenced　financial　markets　drastically;　however,　this　influence　has　received　little　attention,　particularly　in　China.　This　study　investigates　risk　spillovers　across　China＇s　financial　and　shipping　markets　through　dynamic　spillover　measures　based　on　time-varying　parameter　vector　autoregression　and　generalized　forecast　error　variance　decompositions.　Stock,　fund,　and　futures　markets　are　identified　as　major　risk　senders,　whereas　other　markets　are　identified　as　major　risk　receivers.　Surprisingly,　bonds,　gold,　and　shipping　are　safe　havens　that　facilitate　portfolio　opti-mization.　Furthermore,　using　wavelet　coherence　analysis,　we　find　that　the　coherence　between　dynamic　total　spillover　and　COVID-19　varies　across　time　and　frequency　domains.