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"China has strong internet presence with well-known players such as Baidu, Alibaba and Tencent. In comparison, Singaporean companies excel in business-to-business technologies, and have good solutions in finance, transportation and logistics," Tan said on the sidelines of the ongoing 2018 Smart China Expo, one of the largest information communication technology events the Chinese government has organized.

"China has thus far achieved a significant victory with regard to tackling the novel coronavirus. However, there are two major risks that are blighting the growth recovery. External demand has been falling as the epidemic is spreading to more economies, while chances of a potential second wave of infections within China are also rising," said a research note from Japan-based Nomura Securities.

"But the rush of offline gyms to the online fitness sector has given more competition to already popular online fitness apps and platforms like Keep. It also remains a question whether gyms can hold their online customers after the epidemic," he said.

"By actively expanding domestic effective demand and ramping up policy measures to counter the impacts, the country is capable of fulfilling all the goals of economic and social development for 2020," Cong said.

"By saying no to Amazon, New York City is essentially saying no to any company that would consider coming to the city to do business," said Eric Benaim, a real estate agent in Queens who circulated a petition urging residents to support the project.