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Another automaker envisioning autonomous hybrids is Ford Motor, which said last week it had set up a new unit to accelerate the development of electric vehicles.

Apart from promoting online business, the Ministry of Commerce and the National Development and Reform Commission are also working on revising the Catalog of Encouraged Foreign Investment Industries to promote processing trade amid the novel coronavirus outbreak.

Apart from being China's technology hub, Shenzhen is also one of the country's largest textile and clothes centers. It is home to a number of domestic brands such as Fuanna, Kaltendin, Yiner and Migaino, while many international fashion firms have chosen to team up with local partners such as Pinko and La Pargay.

Another popular tourist site Jiuhua Mountain in the province also closed to tourists from 6:00 pm Friday.

Another trend Renjen has noticed is how rapidly China is becoming a technology hub, evolving from its role as a manufacturing powerhouse, a transition which he believes will deliver outstanding opportunities.