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"China's opening-up has entered a new stage, for which the Yangtze River Delta region should play a key role," he said.

"China's move to open more industries to foreign investment and optimize the business environment will propel more multinational companies to invest in the country. It will not only help bolster the economy and restore growth, but also effectively stabilize global trade and investment."

"Companies have no choice but to scale down businesses and hold back certain expansion plans to survive," Cao said.

"Compared with the likes of Apple Music and Spotify, Tencent Music is no smaller in scale," said Ge Jia, a senior internet analyst at China Intercontinental Communication Center.

"Coal, electricity, oil and natural gas supplies are abundant and sufficient to cater to demand," Tang Shemin, an official from the National Development and Reform Commission, told a news conference.