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"China's policy focus continues to shift between three－at times competing－policy objectives of ensuring sustainable growth, maintaining financial stability and implementing reforms to rebalance the economy, with the current focus primarily on growth and stability in the face of slowing GDP growth," said Michael Taylor, managing director of the Asia-Pacific region at global credit ratings agency Moody's.

"Crude has become a bigger problem for markets than the coronavirus," Adan Crisafulli, founder of Vital Knowledge, told CNBC. "It will be virtually impossible for (the S&P 500) to substantially bounce (back) if Brent continues to crater."

"China's industrial internet sector is entering the fast lane. A slew of new breakthroughs, new models and new applications have emerged," Sui Jing, deputy head of information and telecommunications at the Ministry of Industry and Information Technology, said at the 2020 World Industrial Internet Conference which opened on Sunday in Qingdao, Shandong province.

"China's baseball history is some 20 years short and there are only about 10 baseball diamonds nationwide. We are relatively inexperienced and we can learn a lot from US baseball in terms of training, professionalism and market development," Yan said.

"Competition is definitely fierce," said Zhao Huanyan, chief analyst at Shenzhen-based hospitality consultancy Huamei. "For platforms like Fliggy, scaling by gathering more hotel resources is a prerequisite before technology can make a difference and generate profits."