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"Enterprises now think there will be political risk involved for relocating their staff to Hong Kong," he said, and if the turmoil is not settled in the near future, "some job positions may be diverted to other countries in the region".

"Expectations for future activity also fell to their lowest level since late 2014, as most firms do not expect energy prices to return to profitable levels this year," said Chad Wilkerson, economist with the Federal Reserve Bank of Kansas City.

"Data-based research in China is easier, and the Chinese market is much bigger than Europe. When you start a business in the country, even if you are in a niche market, it's big compared to France or Europe," he said.

"Economic ties and political relations are related. You need to have a good atmosphere to engage with each other," Liu said while adding that Chinese businesses have expressed concern about investment risks and security issues in the wake of the UK banning Huawei from participating in its 5G networks.

"Do the math. That's 5 million crashes every year－20 percent reduction means 1 million less. Those are big numbers," Mark Rosekind, the NHTSA's then-administrator, told Reuters last year.