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An online platform for AI innovations was also launched Friday.

Analysts attributed the slide partly to downside risks escalating worldwide, but highlighted signs of new growth momentum to help the Chinese economy withstand uncertainties.

And the hit to farmers would more than double if the tariffs expanded to an additional 0 billion of products. Farmer income would drop by 15 percent, and jobs in the sector would decline by 181,000.

Analysts with Haitong Securities said in a research note on Thursday that pushing the financial sector to sacrifice profits is an inevitable choice for the government to help smaller business survive a difficult period given the limited room for further monetary easing.

Analysts said the country's State-owned energy giants have done a good job in ensuring domestic oil and gas production while in quarantine and helped prevent infection by the novel coronavirus during work.