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"Goods and material support must be given top priority during difficult times," said Zhang Jindong, chairman of Suning, adding the group will continue to offer assistance to partner businesses, especially small-and medium-sized enterprises, to minimize damage, as they are major contributors to job creation in China.

"Fueled by the government's supportive policies, forward-thinking domestic internet and tech titans, the country's IoT sector has actually entered a new stage of rapid development over the past year," Cao Wenzhong, vice-president of the China Economic Information Service, told a news conference in Wuxi, Jiangsu province.

"Great growth potential lies in consumption upgrades, as people's demand for services of a wider range and higher quality continuously rise," said Zhang, who is also a senior researcher at China Finance 40 Forum, a think tank.

"Given the current complexity of geopolitics, countries are becoming more isolated and conservative due to the COVID-19 pandemic and economic downturns. Meanwhile, we see politics standing in the way of technological advances."

"Further research may greatly assist the study of the ancestry of modern human beings not only in China, but also in the rest of East Asia, Southeast Asia and even for Native Americans," Chen said.