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Ding Shizhong, chairman and CEO of Anta Sports, said: "The year 2020 is unlike any other. We needed to dig into the essence of the company by focusing on consumer demands, in order to accelerate our 'Customers, Products and Channels' reform to achieve a consumer orientation by enhancing our product power, brand power and retail power."

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Ding's idea came at a time when China's tourism industry was on a fast track after 40 years of reform and opening-up. In 2017, about 5 billion people traveled around the country, up 12.8 percent over the previous year.

Disruptions caused by the pandemic on supply chains and port operations have been limited so far. On the contrary, the spread of the novel coronavirus and low oil prices have dampened global demand for soybeans, thus creating a favorable environment for expanding soybean imports, according to Tang.

Domestic oil companies have made significant progress in efforts to raise production in the past few years. As a result, China's decline in crude oil production slowed in 2018, with total crude production reaching 189 million tons, 3 million tons less than the previous year and 1.3 percent down compared with the same period in 2017, according to an annual report released at the end of April on China's energy development by the China Electric Power Planning and Engineering Institute.