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And the announcement led to a leap in the share prices of a number of local companies related to the projects.

An online platform that provides a complete set of services for local enterprises was launched Tuesday in South China's Guangdong province, a window into China's reform and opening up.

Analysts from Beijing-based Pacific Securities wrote in a note that there is limited room for A shares to hit record lows of the kind witnessed in June 2013 and January 2016.

Analysts believe that the Chinese smartphone market will see a reshuffle as smartphone consumption slows down as almost all Chinese own at least one mobile phone.

Analysts said the lockdowns imposed to curb the spread of the virus increased the incidence of domestic abuse and pressured more women to take unpaid care work at home. For many, it has also taken away their livelihoods.