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"Despite the threat of the pandemic, most of our employees working overseas have chosen to stay where they are, standing together with the local people and helping each other," said Ren Hongpeng, vice-president of China Railway Group, which is also known as CREC.

"Early prevention and containment of the spread of the disease has contributed to a desirable prognosis for the patients. The rate of coronavirus cases who have recovered and been discharged from hospitals in Shanghai has exceeded 80 percent, and the mortality rate is less than 1 percent," he said.

"Despite the massive size of the country's SOEs, there is an obvious gap between them and world-class enterprises in the West," he said. Xiao added that at present, SOEs are mainly reliant on the domestic market, but as China continues to open up, their internationalization should be promoted further.

"Federal aid can help, but it's a bit like keeping a patient on dialysis — debilitated and never able to be self-reliant," Dandapani said.

"Even if the old regulation were in place, it is not legally binding," he said.