The badminton world governing body and Chinese Badminton Association have considered all necessary health, safety and logistical risks and both parties believe it was sensible to postpone the tournament at this time, the BWF said in the statement, reports Xinhua news agency.
"It may be noted that many players have already withdrawn from the tournament," the BWF said.
The tournament was due to be held from February 25 to March 1, 2020. Exact replacement dates are yet to be established but alternative options are being discussed with a new time slot for May earmarked as a possibility, BWF said.
However, the rescheduled tournament will no longer be a qualifying event for the Tokyo 2020 Olympic Games, as the qualification window will close by late April.
The BWF said it was continuing to monitor all official updates on the coronavirus, but so far had made no concrete plans or decisions at this point to change the status of any other events.
The BWF also confirmed that the 2020 Badminton Asia Championships to be staged in Wuhan, China in late April was now under review, but stressed that it was "too early" at this time to make any final conclusions related to the event.
The 2020 Badminton Asia Championships falls within the Tokyo 2020 Olympic Games qualification window and is one of the last opportunities for athletes to qualify for the Olympic Games.
"BWF will continue to update the entire badminton community on any further announcements related to the coronavirus outbreak," said the statement.
( With inputs from IANS )