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"China will penalize seriously according to law any activity that investigation shows has indeed violated the resolutions," Geng said.

"Consumers may think UnionPay was too slow and trailing Alipay and WeChat Pay. But, UnionPay launched QR code-based payments only after the authorities officially approved such mobile payment systems," said Liu Fei, a retail sector researcher with Shanghai Mingshan Consulting.

"Cutting fees is just as important as cutting taxes. But because there is a lot of flexibility with fees, some companies may work on finding loopholes to help them avoid paying. Yet by doing so they are also paying the cost of taking a risk," he said.

"China's industrial enterprises have made significant strides and taken effective measures on coronavirus epidemic prevention and are resuming normal operations," Ying said.

"Cities including Wuhan in Hubei province and Ma'anshan in Anhui province along the Yangtze River are the largest consumers of iron ore," said Suo Xudong, deputy head of the Zhoushan Port & Shipping Administration Bureau.