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Another reason for the contraction was the fast growth of knowledge-intensive exports, a typical reflection of China's economic transition and high-tech development, Lian said.

Any organization that offers religious information online is required to apply for a license from the provincial religious affairs department. No organization or individual is allowed to livestream or broadcast religious activities including worship, incense burning or praying, according to the draft.

Ant Financial Services Group, Alibaba Group Holding Ltd's financial unit, has invested 2.06 billion yuan (6 million) in HelloChuxing, giving the latter a unicorn valuation of .47 billion.

Another survey among travel agencies by the academy shows that 70 percent of the respondents would progressively resume business operations after the epidemic. A total of 26 percent believed the travel market would recover soon after the epidemic is over, and 66 percent estimated the recovery period to be one to three months after the epidemic.

Another key factor going forward for China's tech sector is the "Shenzhen effect" - manufacturing clusters with deep networks, experience, expertise and easy supplier availability not available anywhere else will allow Chinese companies to integrate hardware in software. "5G is another step function. There is going to be stuff that we can't even imagine that is going to be built in Shenzhen because of the proximity of all those people together," Robinson said.