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Apart from China, countries severely affected by the COVID-19 outbreak include South Korea and Japan, raising concerns about trade prospects in Asia and around the world.

Apart from increasing the supply of rice, vegetables and edible oil in Hubei province, COFCO Group, China Resources Group and China Grain Reserves Group, which manage businesses in foodstuffs and grains, have also tightened their supervision on retailers to prevent speculations.

Apart from technology gurus, the alliance also brings in core players in the telecom, financial and manufacturing sectors in a bid to "create industrial synergies, offer specialized AI services and conduct overseas exchanges", said Wu Jianxiong, chairman of INESA (Group) Co Ltd, a key initiator of the organization.

Apart from attracting foreign capital, China effected changes to rules on permanent residence for foreigners in April. The reform serves the country's talent development strategy, which is to attract more innovative and entrepreneurial talent.

Apart from its role in the service industry, the sharing economy contributes to employment and consumption. "Food delivery services, as part of the sharing economy sector, boosted employment in the country. Take Meituan Waimai as an example, a total of 2.7 million employers earned money from the platform in 2018, 22.7 percent higher than the previous year. There are over 600,000 active delivery drivers every day," said Zhao Dawei, director of the research center under online food review and delivery company Meituan-Dianping.