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Another electric car owner spent hundreds of yuan on towing services during the hard Beijing winter in 2015.

Any party of a divorced couple is not allowed to further buy houses in Shenzhen within three years of their divorce if they had two or more houses before their divorce, said the circular.

Another positive factor is that with more electric vehicle startups tapping into the Chinese market, traditional manufacturers are facing fiercer competition and increasing their investment on product research and development. Global carmakers are also making efforts to promote the development of electrification.

Another economist, Anup Sinha, a former professor at the Indian Institute of Management Calcutta, expressed concern about impending joblessness. "As a result of acute uncertainties in the job market, the rising middle class with high disposal incomes is becoming weak and shaky. And that is having an effect on the demand side and the consumption pattern," he said.

Apart from China, countries severely affected by the COVID-19 outbreak include South Korea and Japan, raising concerns about trade prospects in Asia and around the world.