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As the company has already owned close to 50 percent of the franchised public transport market in Hong Kong, room for growing its local business was limited, Ma said.

As the Chinese market continues to open up, European companies will be more than keen to pursue growth opportunities, especially in areas where they have the same opportunities as their Chinese counterparts, even though some sectors are still being restricted, said Wuttke.

As the operator of the country's most lucrative rail route, the Beijing-Shanghai High-Speed Railway reported revenue of 25 billion yuan for the first three quarters of 2019. In 2018, the company registered a net profit of 10.25 billion yuan.

As the tariffs rise, so does the economic impact, according to Nicole Kaeding, vice-president of federal and special projects at the Washington-based Tax Foundation.

As the battle against the novel coronavirus enters a critical stage, the ministry urged enterprises to take effective epidemic control measures and equip their workers at the frontline with protective gear to guarantee a safe operation.