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Anne Petterd, head of international commerce and trade for the Asia-Pacific region at the law firm Baker McKenzie, said: "Throughout the pandemic we have seen parts of towns and countries closing down and opening up again. The extent to which manufacturing, the movement of labor, transportation and demand have been disrupted has differed enormously between jurisdictions."

Any businesses violating the order would be fined and forced to close, while the state has no plan to fine individuals who violate the regulations, he said.

Another financial giant, Bridgewater Associates, has announced that it has been granted a Private Securities Investment Fund Manager license from AMAC. The license will allow the firm to develop and market investment products to investors in China.

Apart from reducing overcapacity, China has reduced market thresholds and cut taxes and fees for businesses, Li noted.

Answer to our latest Name that Tech Tune contest … the Skype ring tone. Congrats to Isaac Alexander and?Chris Loeffler, whose names were drawn at random from the pool of correct answers to win tickets to the June 22 GeekWire Launch Party.