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Andrey Denisov, Russia's ambassador to China, lauded the efforts by the Beijing government to achieve sustainable and ecological development, citing improved infrastructure and air quality.

Analysts predicted the market will recover over a period of time, as investors await further concrete improvements.

And as outbound travel is restricted by the coronavirus, consumers are less sensitive to price and more willing to pay during domestic trips, which are good for high-end tourism, he added.

Analysts from Morgan Stanley Huaxin Fund Management Co Ltd wrote in a note that Chinese people will allocate more of their household assets to equity investment in light of the low interest rate at the moment. As the market sentiment stabilizes, additional capital will continue to flow into the A-share market, which will bolster the positive, long-term outlook for the A-share market.

And the rent is too damn high, too. Workers who don’t wear tech badges for a living are forced to look outside the city and thus contend with the traffic coming in and out of it, creating a vicious cycle and affordability crisis.