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This is basically the same problem reported by CBHack in this post:
https://wordpress.org/support/topic/event-times-incorrectly-displayed-as-utc/
However, I find the problem has nothing to do with the version of Events Calendar but appeared when WordPress went to 5.3 – returning to WP 5.2 cures the issue.
So, it has something to do with the latest upgrade to WordPress