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An unnamed official from the National Development and Reform Commission pointed out in a published interview that the major focus of the plan is to deal with sewage issues.

And as outbound travel is restricted by the coronavirus, consumers are less sensitive to price and more willing to pay during domestic trips, which are good for high-end tourism, he added.

Analysts attributed the IPO surge of Chinese tech firms to vibrant web-based industries. Innovations powered by internet technology are springing up and the group of tech-savvy young consumers is growing rapidly.

Analysts expect the bank to further ease policy to help cope with slowing growth and offset the effects of a crackdown on shadow banking. However, while non-bank shadow institutions are being squeezed for money, the Beige Book reports that companies are still borrowing heavily, and interest rates have fallen, which should lower repayment costs.

Analysts said the international market has substantial potential for China's SOEs.