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"China is Estonia's largest export market in Asia. In the first half of this year, Estonia's exports to China increased by 22 percent year on year," he said.

"Can the Chinese model be completely copied? We certainly see that China actually has a lot of experience worth emulating … but when studying the experience of China in this outbreak, we must also pay attention to the national conditions of each country," he said.

"China has thus far achieved a significant victory with regard to tackling the novel coronavirus. However, there are two major risks that are blighting the growth recovery. External demand has been falling as the epidemic is spreading to more economies, while chances of a potential second wave of infections within China are also rising," said a research note from Japan-based Nomura Securities.

"China has a relatively short history of focusing on and supporting the basic science," said Yan, which results in not enough labs — especially those excelling in their fields — for researchers to choose.

"But now, it's opting to move forward through mergers and acquisitions, as well as by setting up local companies on its own," Wang said.