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Daegu and Cheongdo were designated as a "special management zone" on Friday.

David Kostin, chief US stock analyst at New York investment bank Goldman Sachs, said the speed of the recovery will be determined by three factors: How quickly the coronavirus is contained, whether businesses have access to enough money in the next three to six months and whether the government's stimulus package and stabilize growth forecasts.

Dai Tangtao, a flower merchant that attended the electronic flora auction trading in Dounan Flower Market on Monday, said: "due to the virus outbreak, our business is not as good as that of last year. As people are all staying at home, there will be fewer consumers."

Dai Kun, founder of Uxin, said the online market for used cars should focus on establishing a product standardization system to give customers confidence in purchasing used cars, like shopping for other products online.

Data showed that the nearly 60,000 foreign-funded enterprises in Shanghai now contribute more than a quarter of the city's gross domestic product, over a third of its tax revenue, and about two-thirds of its foreign trade volume.