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"But, this is a critical juncture and it's the individual actions, coupled with the testing and the tracing and the local containment."

"China favors multilateralism, which is my interpretation of President Xi's speech," said former World Trade Organization director general Pascal Lamy in an interview with China Daily.

"China is definitely a highly dynamic market for luxury brands. Growth momentum is largely seen coming from the country," Zhang said. "With the younger Generation Z consumers shaping up to be the backbone for luxury brands, their desire for socializing, interaction and sharing are propelling us to delve into the realm of social retail."

"CATL, thanks to its world-leading technologies, is expected to rival traditional battery manufacturers like Panasonic Corp and LG Chem Ltd, and take the lead in the global market," said Mo Ke, chief researcher at ReaLi Research, an institute focusing on lithium battery industry.

"But the downturn was so big – the hole that was dug was so deep – that it will still take probably at least a couple of years to dig ourselves out."