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And then there was the carnage in grocery stocks shortly after Amazon announced its .7 billion purchase of Whole Foods in June.

And the Greater Bay Area has the industrial chain of manufacturing all the key parts of 5G smartphones, he revealed.

Analysts called for continued accommodative government policies to further spur demand, boost manufacturing investment and lift corporate confidence to consolidate the improvement in the manufacturing sector and prevent a sharp economic slowdown.

Analysts said the better-than-expected growth in spite of the pandemic can be attributed to the Chinese government's sharp and sustained focus on keeping the wheels of the world's second-largest economy turning, through prudent, textbook-compliant yet imaginative fiscal policies.

Analysts also see several risks, including a return to a "bifurcated market", according to the FT.