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"Consumption via bank cards accounted for 48.7 percent in China's total retail sales of consumer goods, rising for a fourth year, giving a strong boost to consumption growth and upgrades," said Huang Runzhong, secretary general of the association.

"China's car market is hitting a bottleneck, but it remains the largest worldwide, and the demand remains. The market is very resilient: The longer it is contained, the higher the outbreak will be later," said Hong.

"China's economic recovery was not strong enough due to limited improvement in demand, and some companies didn't replenish inventories," said Zhong Zhengsheng, chairman and chief economist at CEBM Group, a Caixin subsidiary.

"Chinese banks have faced greater pressure in recent years to supplement capital, especially when the tightening regulations require off-balance-sheet debts to return onto the balance sheet," he said.

"China's digital transformation has developed at an unprecedented speed, and has created huge and valuable opportunities. The Chinese market has become one of our largest markets globally," said Kang Rong, vice-president of Microsoft China.