Analysts say overall economic prospects could face downward pressure yet

China's plan to develop a special economic zone - the Xiongan New Area - near Beijing has fueled a stock market frenzy all right, but analysts remain skeptical such optimism would create a sustainable bull market.

The plan has injected an unexpected element of excitement into the A-share market, lifting investors' risk preference and boosting expectation for improved corporate earnings, especially the profitability of companies in sectors such as infrastructure, construction materials, transportation and environmental protection.