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"Each side wishes the other side to back away first. But if nobody does, their losses will continue."

"Dealerships have been slow to restart business and consumers are delaying their orders due to the epidemic," he said.

"Entering the video conferencing sector, we will not offer any hardware products. Instead, we will focus on providing the platform and standard software as a services, dedicated to connecting people, devices, conference rooms and maintaining strong communications," Wu said during the launch event on Wednesday in Beijing.

"Declining sales growth does not mean we are experiencing consumption downgrading," an industry expert said. "In fact, sales growth of luxury cars and joint venture-branded cars are still much higher than that of Chinese-branded cars with lower price tags."

"Demand for RMB-denominated assets has increased in recent years, and we expect the share of RMB-denominated official foreign exchange reserves to continue to rise," said Tan.