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"Consumers setting at home and not out spending money because they fear catching the coronavirus is the ultimate negative outcome," Scott Wren, senior global market strategist at Wells Fargo Investment Institute, said in a research note.

"China's support, via its companies and credit lines, led to an agreement between the two countries. It has been one of the main drivers of all this transformation," said Fiad.

"China's urbanization has been further advancing along with the development of the Belt and Road Initiative. It began in coastal areas and eastern city clusters, and then extended to China's midwest regions, leading to the rapid development of a host of lower-tier cities," said Ding from Nielsen China.

"Chinese parents are obsessed about education, something that is based in the culture," said Jeff Zhu, vice-president of Shanghai-based Dipont Education Management Group. "It has always been perceived as the main, if not the only, ladder, for the elevation of social status."

"Coal, oil and steel industries already posted slower profit increases in March," said He, who also warned of pressure from rising costs and financial expenses.