On the bright side some of the world's top financial institutions, including BlackRock and JPMorgan, are increasing investments in China's financial hub Shanghai, undeterred by the coronavirus, said the Shanghai Municipal Office of Finance Service, reported Reuters.

Also Singaporean bank DBS has applied to set up a majority-owned securities venture in the city, while Morgan Stanley plans to raise its stake in its Chinese brokerage venture to 51 from 49 per cent now.

Shanghai also held an online opening ceremony for local branches of five global institutions including JPMorgan, Invesco and Russell Investment.

China's Ministry of Commerce Monday warned that the foreign trade sector may face a decline in orders even though two-thirds of key manufacturers outside of Hubei, where the outbreak hit the hardest, have resumed more than 70 per cent of operations.

Several exporters told Caixin that their business is worse than after the financial crisis of 2008. "The whole world feels paralyzed," said one.

In Yiwu, the world's largest small-commodity wholesale market in eastern Zhejiang province, a jewelry exporter said five per cent of its orders have been cancelled since last week, and those that haven't done so are considering scaling back or delaying shipments.

"Last week, an Italian client suddenly told us they don't need the goods anymore," the jewelry exporter said. "Some clients are asking for a two-month delay in shipment."