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"COVID-19 has severely impacted global aviation at a level that virtually resets the sector. In the past few months, we have seen a huge reduction in travel budgets, falling demand for personal travel out of safety and job worries as well as business trips being largely replaced by videoconferencing and other remote methodologies," said Yu Zhanfu, partner and vice-president for China at consultancy Roland Berger.

"Cash flow problems are forcing some SMEs in property to sell off some of their projects, or offload equity stakes, and sometimes sell out totally."

"Changan Ford respects the decision made by the State Administration for Market Regulation," said a Ford representative. She added it has taken "corrective action in its regional sales management together with its dealers".

"China is comparatively weak in basic research on coral resources but is catching up quickly and taking a leading position in fields such as coral reproduction, transplantation, disease control and ecosystem monitoring," said Chen.

"But the foreign exchange reserves are expected to remain stable in the future" because of China's sound economic growth momentum and its deepening of opening-up in its financial sectors, as well as the steady global economic recovery, according to the spokesperson.