Manufacturers worry about the labor shortage and export crisis, the catering industry has not recovered from the Spring Festival season, the transportation and tourism industry is stagnating.

"Today the theater chain market is more or less stagnating, and many leading theater chain owners are seeking ways to attract and retain an audience, with the tech-embedded advanced watching experience being a focus of choices for the moviegoers," Chen said.

However, many SOEs have experienced stagnating growth due to a lack of competition.

The middle-income trap refers to economies stagnating at middle-income levels and failing to graduate to high-income economies.

Moreover, the index of services production was stagnating, and whether that is only related to the pandemic or also related to other factors remains to be determined.

With international travel stagnating due to the pandemic, China's domestic luxury market has rapidly rebounded.

Since the COVID-19 pandemic has been brought under better control in China, and with international travel stagnating, China's domestic luxury market has rapidly rebounded and presented global companies huge business opportunities.

Yet for any country at such a development stage there is a worry that it could fall into the "middle-income trap," meaning that growth could stagnate as the country no longer enjoys low-cost labor as a competitive edge and has yet to develop enough innovation to catch up with the high-income countries.

"With traveling abroad still stagnating, Tibet and Xinjiang boast unique natural sceneries, rich ethnic customs, and the regions are under good control in terms of the pandemic.

"When the stagnating international travel market started to return to normal, the domestic market and the international market will achieve balance again.

The overseas download growth of Chinese games is likely to stagnate, while consumer spending poses huge growth potential, especially in developed markets as local consumers possess strong spending power, according to Dai Bin, head of the greater China region at App Annie.

"As the box office receipts are stagnating, many cinema chains will continue to seek solutions to attract and retain audiences, such as IMAX screenings," Chen said.

"The middle-income trap refers to the phenomenon of rapidly growing economies stagnating at middle-income levels and failing to graduate to the ranks of high-income economies.

Volvo said its sport utility vehicle models served as a particular highlight as the company gained market share in China, the United States and Europe amid stagnating global car markets.

Volvo said its SUV models served as a particular highlight as the company gained market share in China, the United States and Europe amid stagnating global car markets.

The German automotive supplier's planning was now based on the assumption that automobile production "will stagnate in the coming years, unlike in the past when it almost always went up," according to Denner.

"At a time when most markets in the world see stagnating car sales, we have had strong growth in the first half," he said.

The United States and European markets, by contrast, will either stagnate or contract during this period," it said.

If a "technology trade war" continues, he said, "global growth will stagnate, they're going to go back to the dark ages in some way, because nobody by themselves can create all that knowledge.

A QuestMobile report showed that the sector saw 56 funding deals during the first three months of 2020, despite such deals stagnating due to the coronavirus epidemic.