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"Demand from the cargo freight market has also dropped, but the declining volume is much less than commercial flights. Now, most airlines are carrying out belly-hold operations to transport medical supplies, and it will help to lift revenues. But the limited number of flights and freight volumes won't help much with profit-making," Lin said.

"Despite the decline, China's services trade saw a largely stable trend in the first half. Services exports outperformed imports, with the services trade deficit narrowing by 46.1 percent from the same period of last year to 401.7 billion yuan," said Xian Guoyi, director-general of the ministry's department of trade in services and commercial services.

"Enterprises now think there will be political risk involved for relocating their staff to Hong Kong," he said, and if the turmoil is not settled in the near future, "some job positions may be diverted to other countries in the region".

"Driverless car technologies and ride-sharing services are advancing so quickly that in the future more and more people will choose convenient ride-sharing services instead of buying cars and paying for the maintenance. And it will eventually affect the whole market," Zeng added.

"Cutting the subsidies may not necessarily be a bad thing. It can help weed out the incompetent companies and allow the competitive to stand out," Ma said.