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"Expenses cannot be reduced quickly enough and significantly enough to offset the 40 percent reduction in revenue we have experienced," he said in a statement.

"Even though recession fears are widespread, we expect some recovery in 2020 as China's overcapacity problem is being addressed, supply chains are getting restructured, the risk of an escalation of trade disputes recedes, and productivity growth continues to recover," said Bart van Ark, chief economist of the research group.

"Developed countries like UK always prioritize recycling and its people follow suit, but they do not realize these wastes are dumped in our country," she said.

"Demand for life insurance and non-life insurance will continue to expand fast in the next few years amid demographic changes, with more mobility and rising number of wealthy households that would need protection," said a research note from Zhongtai Securities.

"Even though the Greater Bay Area accounts for less than 1 percent of China's land territory, its population is just under 5 percent of China, it created 13 percent of the country's economic output in 2015," said Lin Jiang, deputy director of the Center for Studies of Hong Kong, Macao and Pearl River Delta at Sun Yat-sen University.