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And bad because a bottle of Kweichou Moutai's premium liquor costs much more than 600 yuan, or almost as much as a share in the company.

Analysts said Allianz's plans in China highlighted the regulator's desire to further open the domestic market to foreign players and it could mean that foreign insurance companies could enter the Chinese market by establishing wholly-owned local units in the future.

Anderson Economic Group estimates union workers have lost a combined 0 million in wages, which could lead many families to cut back spending.

Analysts also cautioned that some factors like adverse developments in the China-US trade imbroglio, and a slower-than-expected recovery of the Chinese economy could dim the prospects of the yuan in the short term.

And local electronics makers are experimenting with new sales campaigns such as partnering with food delivery companies and livestreaming platform operators in hopes of hitching a ride on the consumption revival bandwagon.