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"Government departments must be open-minded. Approval procedures are necessary, but they are not a panacea, especially in terms of compliance oversight. We should keep working on the application of the principle, which is that the responsibility for oversight rests with those who issue the approval and those who are in charge," Li said.

"First they air their grievances publicly. Then diplomats from both sides will sit down and try to resolve this issue through bilateral negotiations－which is what's happening now," Oh said.

"Getting the virus in check dictates when there'll be relief from this economic nightmare, and it doesn't look like it will be soon," said Ann Elizabeth Konkel, an economist at Indeed, a job listings website.

"Generally speaking, small and medium-sized banks still have adequate capital and liquidity. Their overall risks are under control," said Wen Bin, principal researcher at China Minsheng Banking Corp Ltd.

"For foreign investors, access to China's financial sector means massive potential growth. China has the world's second-largest equity market, worth .4 trillion, and the third-largest bond market, worth trillion. China represents one of the largest opportunities for many of our clients," Leung said.