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"Economic growth in the first quarter is likely to get hurt since the outbreak coincides with the period surrounding the Spring Festival holiday," Tang said. "The coronavirus will hit tourism, lodging, catering, transportation and other related sectors hard. Sales of clothing, furniture, home appliances and cosmetics may also be affected to some extent. Despite the temporary impact on the Chinese economy, the outbreak won't affect the economy's mid-to-long-term fundamentals," Tang added.

"Economic cooperation is a win-win choice for us and should be the bedrock of our relations," said Tan Qingsheng, charge d'affaires at the Chinese embassy in the Philippines.

"FAW-Volkswagen has not only won the sales championship, but also became an automobile company with extensive market coverage, excellent brand reputation and solid development foundation for sustainable and high-quality growth," said Andre Stoffels, the joint venture's first vice-president responsible for finance.

"Elections are underway and today nearly 70 percent of the country will finish voting by the 5:00 pm local time," a political analyst said. "Among the big states that are going for polls is Rajasthan and Madhya Pradesh, the basic and the very core Hindi heartland states. Both states have gone in the favor of Bhartiya Janta Party (BJP) in the last general elections but today the local governments there are headed by Congress party."

"Despite having adjusted our business to produce more invoices for domestic companies, universities and local tax offices to mitigate the dropping order impact caused by the COVID-19 pandemic, the online Canton Fair this year could help us revive the export business," Fang said, adding that his factory with 200 staff only managed to ship five containers of notebooks, diaries and calendars to overseas markets so far this year, with exports down compared to previous years.