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"Global companies on the supply chain mitigate price volatility by locking into prices through futures contracts. This could help industrial upgrades," Li said.

"Going forward, the association will also work to make value-added fertilizers more nutrient-efficient and environment friendly," said Zhao.

"Foxconn may encounter some difficulties in the chip design field, and the easiest method is to acquire some semiconductor companies," said James Yan, research director at Counterpoint Technology Market Research, adding that the company's bargaining power will obviously increase if it successfully enters the semiconductor design and manufacturing sector.

"Fiscal policy should stay slightly expansionary, shifting from spending on infrastructure toward strengthening social safety nets and promoting green investment," Okamoto said.

"Growth in the September quarter will be weighed down by the lockdown in Victoria, and beyond these continued health concerns, ongoing restrictions and the dialing back of income support will all weigh on the economy," Hunter added.