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Analysts at GF Securities said that foreign securities firms in China have the advantage in areas including derivative trading, asset management and wealth management services over local players. But it is challenging for foreign firms to compete in the onshore securities brokerage and underwriting business in the short run given that they may face limited market channels and higher capital constraints.

Analysts say the new command is separate from the administration's plan to build an independent Space Force, but could be a step in that direction.

Anderson Economic Group estimates union workers have lost a combined 0 million in wages, which could lead many families to cut back spending.

Analysts noted the impact of COVID-19 has been merely temporary. As the contagion is being contained, a recovery in demand for construction machinery and equipment is expected, said Xu Hao, an industrial analyst at Minsheng Securities.

An online consultation team was established to service users 15 hours a day for seven days a week.