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"For a very long period of time, the 'made-in-China' tag came to signify cheap and low-value products," he said. "With technology improving electronic and digital toys, the global market might have a new view on Chinese products.

"Guangzhou is fast becoming a global leader in science and technology innovation," said Alan Murray, president of Fortune and chief content officer of the United States-based group Time Inc.

"For financial institutions, the most difficult thing is trying to figure out how to get better returns from their investment, how to change their culture, people and their mindset. The softer side is much more difficult for larger financial institutions. It had faced the challenge before and it will continue to be a challenge."

"Given the unprecedented speed of the slump in equity prices, it has been suggested that stock exchanges might be closed soon if things don't turn around," research house Capital Economics said in a note on Tuesday.

"Flexibility in this year's specific timing and pace of rolling out the reform can be expected, given the lingering uncertainty of the virus," said Liu Wenqiang, a researcher with Shenzhen-based Great Wall Securities.