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Defraigne said: "We need consensus on human rights between the West and the East. And we must accept the reality that the priority in China is to take its citizens out of poverty first."

Despite the market downside, subindexes tracking tech companies doing business related to 4G and 5G registered gains of 1.45 and 0.53 percent, respectively, according to financial information provider Wind Info.

Deliverymen load packages onto carts at a JD distribution center in Beijing. [Photo/Agencies]

Deputy Russian Ambassador Vladimir Safronkov demanded that the parties involved show openness to genuine and meaningful political dialogue, saying "isolation and pressure must give way to dialogue and talks".

Despite the negative impact on the luxury goods market, Gao believed it is short-term and is confident of a rebound in the sector. "When the virus outbreak is brought under control, people will need to release the epidemic pressure and will seek comfort in luxury goods shopping," he said.