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"From our observation, the business-to-business market is still at its initial stage in China, which will provide us with an opportunity to grow," said Amidi.

"Having reviewed the trading performance of our business in China and the substantial investment required to continue operations in the market, we have made the difficult decision to exit our stores in China," said New Look Executive Chairman Alistair McGeorge.

"Following the COVID-19 outbreak, financial conditions tightened at unprecedented speed, exposing some 'cracks' in global financial markets," the IMF said in its newly-released Global Financial Stability Report, noting market volatility spiked, borrowing costs surged and signs of strain emerged in major funding markets.

"Gold consumption is expected to continue its uptrend on the back of strong demand and growth in high-end sectors like jewelry, and the industry is moving to produce more retail products to meet customer needs."

"For deposits, Yu'ebao has appeared; for loans, there are numerous companies such as Ant Financial Service Group and JD.com; for payment, there are Alipay and WeChat Pay; for financing, crowd-funding has already drawn lots of attention; and furthermore, Fintech will overturn the insurance sector in a more 'ferocious' way," Zhu, also chair of the National Institute of Financial Research, Tsinghua University, told participants.