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"Chinese tax system reform will continue to deepen this year, with more aggressive tax cut plans. But the key is to balance relationships between fiscal income and expenditure, as well as between the central and local governments," said Deng Liping, a professor from the school of economics at Xiamen University.

"China will not close the door to the world but will only create more spaces," the official said in a statement. "Since its entry into the WTO, China has kept its promises on tariff cuts and market opening, stood against protectionism, improved protection of property rights, promoted fair competition and pushed forward economic globalization."

"Considering changes in customer demand is a key issue of future mobility," said Wang Tong, vice-president of Xpeng Motors.

"China's e-commerce is leading the world, and the efficiency and cost-control of our express delivery are also leading the world. It is all thanks to the support of technology such as big data, artificial intelligence and cloud computing, as well as our automation equipment," he added.

"Customers aspire for something not necessarily exclusive but unconventional. This is when influencers kick in, with consumers putting a lot more trust in online key opinion leaders in their decision-making journeys," Shen said.