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"For sure nearly all the increase is people with coronavirus. But not all are being counted that way," he tweeted.

"Guizhou province, a liquor-making region, has rich resources, a pleasant climate, and huge potential for development. It is attractive to investors. Guizhou has many similarities with Italy, and there are many areas available for potential cooperation," he said.

"Future guidelines, with details of debt approval procedures and penalties for market participants violating rules, are expected to plug financing loopholes and ward off potential risks," said an official with the National Development and Reform Commission. He said that the current rules seek to just warn violators, rather than taking any action like blacklisting.

"For enterprises, Hong Kong's equity market is more internationalized, whereas the mainland market relatively is still closed," said Patrick Shum Hing-hung, investment manager at Tengard Fund Management.

"From the risk management perspective, deleveraging and strengthening financial regulation to contain systemic risks remain key focus of the government," Wang added.