The major public health event that began at the end of 2019 has brought unprecedented shocks to China’s real economy and various asset markets，and has triggered extensive discussions on the spillover effects among various assets in China． This paper，using time-varying parametric vector autoregressive ( TVPVAR) model based dynamic spillover index framework and its frequency-domain extensions，explores the timedomain and frequency-domain characteristics of return and volatility spillovers among a risky asset market ( China’s stock market) and four potential hedging assets ( government bond，foreign exchange，gold and crude oil) under the impact of major public health event． The empirical results show that，firstly，both the total return and volatility spillover index of the asset system in China as well as their three frequency-domain components show an unprecedented increase under the impact of major public health event; Secondly，the short-term component of asset return spillovers is the largest，while the volatility spillovers are dominated by the long-term component; Thirdly，the main sources of return and volatility spillovers will change due to changes in domestic and international development trends of the major public health event，and the roles played by some assets will change significantly during the event． To be specific，in terms of return spillover，bond and crude oil are sources of net return spillover in addition to stock during the medium and late stages of the event，respectively． In addition，although gold is a net receiver of short-term return spillover，it is a net transmitter of medium-and long-term return spillover． In terms of volatility spillover，stock and bond are additional sources of volatility spillover in addition to crude oil during the severe and palliative periods of the event． At this time， although stock and crude oil are the sources of long-term volatility spillover，they are the net receiver of shortand medium-term volatility spillover． As the event becomes manageable，crude oil is still the net transmitter of volatility spillover，while bond becomes the net transmitter of short-and medium-term volatility spillover and the net receiver of long-term volatility spillover． Finally，Government bond，foreign currency and gold are better safe-havens in severe period of major public health event，while holding a short position in crude oil canalso help to hedge against stock market risk．