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"Due to recent drops in prices of bulk commodities and other factors, indices for purchasing prices of major raw materials and for ex-work goods shrank to the lowest this year," said NBS senior statistician Zhao Qinghe, citing price slides as a major drag to the PMI reading.

"Employment is the biggest livelihood of the people," a relevant person in charge of the State Council Leading Group Office of Poverty Alleviation and Development said, adding that it is important to ensure that the number of poor migrant workers increases and does not decrease, adding that the employment situation of the poor labor force serves as an important indicator of the annual effectiveness of poverty alleviation efforts.

"Digital payment services are expanding into digital lending, developing cheaper and more efficient ways to extend credit to hard-to-reach borrowers," she said.

"Domestic demand remained anemic while external demand may further drop and weigh on the profits of export-oriented businesses," Zhang said, citing the continued spread of the coronavirus across the world and the uncertainties surrounding China-US trade relations.

"During the last 10 years, we just kept our head down and continued to do what we believe in," she said. "If a firm has a long-term goal, knows exactly what it wants, stays focused and keeps building a solid foundation, people of the same trade will see."