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"Chinese consumers are now increasingly interested in dairy products of higher quality, with more convenience to drink and carry, and with better looks," said Zhu.

"Consumers setting at home and not out spending money because they fear catching the coronavirus is the ultimate negative outcome," Scott Wren, senior global market strategist at Wells Fargo Investment Institute, said in a research note.

"China welcomes foreign businesses to invest and develop in China. And we will continue to unswervingly expand opening up, create a more open and business-friendly environment and protect the legitimate rights and interests of foreign investment," Meng said at a news conference in Beijing.

"China's main social contradiction has changed and its economic development is moving to a stage of high-quality growth from a high-rate of expansion of the GDP," said Yang Weimin, deputy head of the Office of the Central Leading Group on Financial and Economic Affairs. "The biggest problem facing us now ... is the inadequate quality of development," he said at a news conference.

"Companies are looking to reduce costs and rejig equity structure, along with an expanded focus on innovation-led development and structural upgrade."