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Commercial and residential demand takes a hit

Confirmed and suspected cases should follow medical treatment and quarantine before they are cured "to demonstrate responsibility for themselves as well as for their family members, friends and others," he said.

Compared with manufacturing, services are labor-intensive. Especially in the initial stage of the economic transformation, the relatively low-end consumer service industry (related to food, clothing, housing and transportation) developed fast, and the features of its labor-intensive nature were more obvious.

Companies related to Xiongan New Area saw their share prices surge on Friday, a day after an official release outlined the guidelines for the area.

Concerns have arisen over escalating trade conflicts between the two sides, which would lead to a situation where normal trade disputes are solved by unilateral action rather than multilateral procedures, they said.