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"China's small household appliance enterprises will see a market expansion in the near future as they make continuous innovations in the fields of technology, quality and design," said Liu Buchen, an independent researcher of the home appliances sector.

"Covid-19 will need to break through the job market firewall if it is to do significant damage to the economy," Mark Zandi, chief economist at Moody's Analytics, said in a statement. "The firewall has some cracks, but judging by the February employment gain it should be strong enough to weather most scenarios."

"China, as one of the world's largest IT and industrial markets, has an unrivaled edge in smart manufacturing," Yang added.

"Concerns have been expressed that the adspend in China has been contracting over the past few years. It might be true if it comes to the traditional channels like print media. But the surveys have not included the numbers in the digital area like WeChat Moments, where the future lies," she said.

"China's rapid rise reflects a strategic direction set from the top leadership to developing world-class capacity in innovation and to moving the structural basis of the economy to more knowledge-intensive industries that rely on innovation to maintain competitive advantage," said WIPO Director-General Francis Gurry.