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"Consumers setting at home and not out spending money because they fear catching the coronavirus is the ultimate negative outcome," Scott Wren, senior global market strategist at Wells Fargo Investment Institute, said in a research note.

"Chinese companies' overall investment into 5G network is likely to hit 2 trillion yuan to 3 trillion yuan. Such a gigantic investment can help spur economic growth, fuel the development of digital economy, and create a sound telecom infrastructure for upgrade of traditional sectors," Zhang said.

"Chinese investors are considering to shift their investment philosophy and focus more on high-tech and innovative companies, corresponding to the country's high-quality development blueprint," said Hu Tianxiang, founder of Shanghai SuXiang Investment Consulting Co Ltd, an investment consulting and asset management company.

"Considering that some Cabinet members we engage with regularly have been exposed to individuals who were tested positive of COVID-19 and have decided to undergo self-quarantine, it is just prudent for us to take precautionary measures in compliance with the advice of our health officials," Presidential Communications Secretary Martin Andanar said in a separate statement.

"China's investment helped us to improve infrastructure facilities and created job opportunities. More importantly, we are very grateful to the technologies and training opportunities that our Chinese partners bring to us," said Mihajlovic.