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"China is leading the world in terms of new and fast-growing tech companies and that's exciting," he said. "The amount of capital being invested into startups is unprecedented and there's no indication that's going to change anytime soon.

"But now you say we're not going to work together. Who's going to benefit from the decision?" he said.

"China must also adjust the previous five-category system to adapt to changes in international financial regulations and accounting standards, as well as to enhance the accuracy of asset quality classification."

"China is well-established as a manufacturing hub but not in the upfront engineering sector," said Peter Zhang, chief executive officer of Aon Hewitt in China. "Because of this, Chinese companies have to resort to seeking candidates in other companies."

"But the global pandemic and economic situations are grim and complex. The task of preventing a rebound in infections is still arduous, and poses risks and challenges to China's economic development."