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"Combined revenue of retail and dining in the seven-day Spring Festival holiday totaled 1 trillion yuan (3 billion) in 2019. During the same period of this year, the loss of Chinese dining business operators may reach 500 billion yuan," the report said.

"Currently we are going through one of the biggest slowdowns that we have seen in recent times," Pawan Goenka, managing director at automaker Mahindra said earlier on Wednesday after the company reported a quarterly profit.

"Customers' demands for vehicles have changed dramatically over the years and Chinese customers are younger and more avant-garde than customers from the European and US markets," said Jochen Goller, president and CEO of BMW Group Region China at the launch event.

"China welcomes dialogue and communication on the basis of reciprocity, equality and integrity."

"Currently, we especially target small and medium-sized companies, which account for around 70 percent of the total domestic firms, aiming to help them reduce the costs on operation and IT spending."