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As the price of panels continues to rise, the paid-for-content business is failing to produce enough revenue to subsidize hardware sales, analysts said.

As wages have experienced rapid growth in China over the past decade and are growing faster than labor productivity, it is expected that the growth rate of household income will slow down during 2021-25 and lead to a decline in the household savings rate. The uncertainty caused by the ongoing COVID-19 pandemic will have a smoothing effect on consumption and reduce the savings rate during the early stage of the 14th Five-Year Plan period.

As the US dollar index sharply rose to 103 on March 20 from 94.6 on March 9, the RMB depreciated against the greenback by 2.4 percent. "The RMB performed the best among major currencies (amid the market turmoil)," said Zhu, compared with the 6.3 percent drop by the euro and a 12 percent decline by sterling against the US dollar.

As schools, cinemas, sports clubs and department stores reopened in the nation's capital Tokyo on Monday, the media reported that the government is also planning to allow business travelers from Thailand, Vietnam, Australia and New Zealand into the country in the coming months under certain conditions.

As the Belt and Road Initiative gains traction, she believed the expansion of trade and investment links between China and its neighboring regions, including Malaysia, will encourage further adoption of the Renminbi.