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"China has started relatively late in the development of commercial endowment insurance and thus lacks enough experience. It is important to learn from advanced experience worldwide, continue to open up our insurance sector, and in this process, develop our own commercial endowment insurance to meet the needs of an aging society," Li said.

"But we don't rule out the possibility that small bike-sharing companies will be shut down or acquired by other companies," Li added. "There will be a reshuffle in the market."

"China is a very important market for us," Bhatia said, adding that the company is not changing its plans for the nation."We really value our employees here. Amid the outbreak, they kept coming to work and ensuring continuous production at the highest level. That is really exemplary," he added.

"But, for small banks like us, even with one single case of default, it would spell doom for that year," she said.

"China has taken a step ahead in industrial transformation, but the room for cooperation is huge," Chen said.