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"China's manufacturing economy was impacted by the epidemic last month. Supply and demand sides both weakened," said Zhong Zhengsheng, chief economist at CEBM Group, a Caixin subsidiary.

"China's foreign exchange market remained stable, with a general balanced demand and supply relationship of foreign exchanges," said Wang, who expected severe impact from the pandemic on global economy and trade growth, along with increasing volatility in international financial markets.

"Countries like Australia, for example, could gain from developing financial services and education for the region. Without India you could see the Philippines gain with its business process outsourcing. Countries like Vietnam, Thailand and Indonesia could see gains in manufacturing."

"China's vital position in manufacturing, services and the retail sector won't change. The outbreak has not caused a notable shift in the consumption trend, supply and production chains," he said.

"Currently, most of their revenues are from the domestic market," Dai said. "Douyin and Kuaishou have gained popularity in Japan and Southeast Asia, respectively. We expect those Chinese short video apps will see more downloads and revenues generated from overseas markets."