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"China's smartphone market may see a short period of stagnation with vendors refocusing on research and development, relying on new use cases to excite interest rather than spending heavily on the channel and marketing," he said.

"China should maintain equilibrium in indicators of growth, employment, prices and international balance of payments," Yang said. "Industrial modernization should be promoted, with intelligent production and core technology."

"Cosmetics is not a necessity. There will be a phase of delayed consumption due to the epidemic. Once the contagion is over, makeup sales are expected to see a big rebound," said Neil Wang, president of Frost & Sullivan China, a consultancy.

"Companies need to learn how Chinese consumers think about the different ingredients of healthcare products and provide more solutions to maintain good health," he said, adding a targeted marketing channel can make the business more profitable.

"Compared with a currency under pressure, the bursting of an asset bubble is a more serious problem, and policymakers need to be very careful about the monetary policy, to prevent tightening too much," said Yoshiki Takeuchi, director-general of the International Bureau of Japan's Ministry of Finance.