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"For a bookstore occupying 100 square meters like ours, the profit was pretty satisfying," he said. "The top profit in the market for a bookstore of such a size is about 100,000 yuan a month, and a large number of the stores are losing money."

"For example, if Japan can expand its share in the Chinese market, it will significantly solve its problem of insufficient domestic consumption."

"Given the emphasis on monetary flexibility at the recent meeting of the top leadership, we think that policymakers will likely accelerate the countercyclical adjustments to offset the epidemic impact," said Steven Zhang, chief economist at Morgan Stanley Huaxin Securities.

"From now on, we expect trading relationships to be fair and to be reciprocal," he told the joint session of the US Congress. "And we will protect American workers and American intellectual property, through strong enforcement of our trade rules,"

"For the physical store chains, they have been unable to keep up with the growth of online retail. For the online operators, they have struggled to keep delivery infrastructure capacity up with the rapid growth in online shopping demand," he said.