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Ann Xie, senior director of the digital retail consulting practice at J.D. Power China, said digitalization in after-sales service, dealers' efficiency and customer satisfaction have greatly improved, but they are not fully optimized or utilized.

Anthony Que, a 54-year-old American who has been recently hired by the university as an English teacher, donated breathing masks, respirators and medical gloves to the First Hospital of Lanzhou University.

Another important driver of the recent rally is the low risk-free interest rate. The yield on China's two-year or five-year treasury bond has been lingering between 2.2 percent and 2.7 percent, while the 10-year treasury bond yield is around 3 percent.

Apart from roughly 10 Chinese employees including interpreters, the production site is entirely French. Several locals were also provided training and jobs with Synutra.

Apart from the efforts made by banks and financial regulators, central and local governments should also launch policies to further cut company taxes and fees and reduce rental costs. These tax and fiscal policy measures may be more effective in alleviating the difficulties faced by small businesses, said Lian.