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"Europe needs to maintain its own course," the BDI said, adding that the European Union would decide independently which companies it would allow to build 5G network infrastructure.

"Facebook and Google either comply with our laws or they don't do business in Australia," Sims said.

"Despite the drop, the balance of forex reserves remains above trillion," he said. "In an increasingly open economy like China's, the current fluctuations in forex reserves and the currency rate are well within the reasonable and affordable range."

"Despite the shelter-in-place in the first quarter, Baidu's total revenues declined just 7 percent year-over-year, resulting from our diversified revenue streams, including marketing services for wide-ranging industries, new AI businesses and iQiyi. With the pandemic coming under control in China, offline activities are rebounding and Baidu stands to benefit from a restart of the Chinese economy," said Robin Li, co-founder and CEO of Baidu.

"Even so, with more bankruptcies and job cuts announced in the retail sector, for example, the economy remains at significant risk in the weeks and months ahead. As the COVID-19 outbreak has recently intensified in some states, hopes for an accelerated sustained and successful re-opening of the economy have hit roadblocks. This raises concern about the economy's rebound."