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Apple and Google are working on software updates for iOS and Android that will trace the mobile phones that come into close contact with COVID-19 patients. Contact tracing is viewed as a critical tool for mitigating disease outbreaks and tech companies are stepping in to automate parts of a traditionally laborious process.

As Baidu Inc, Alibaba Group Holding Ltd and Tencent Holdings Ltd are making their forays into the automotive sector, conventional auto makers are also actively strengthening their capabilities in software, Zou added.

As China's main sources of trade have been hit hard, enhanced efforts need to be made by the government, export-oriented companies, financial institutions, shipping companies and other parties, Wei said. They need to develop cross-border e-commerce activities and help small and medium-sized enterprises restore their earning strength to overcome obstacles including order cancellations or delays, difficulties in gaining new orders and poor logistics.

As China's expanding middle-income group has created a lucrative market for high quality products, the traditional companies representing excellent craftsmanship and Chinese characteristics are innovating to win the hearts of young customers.

Aruba, a provider of network solutions, is expected to modernize the field and achieve robust sales growth in China this year, pinning its hopes on already well-established sectors like education and hospitals.