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"China's digital economy has scaled up from 11 trillion yuan to 35.8 trillion yuan, accounting for 36.2 percent of the GDP," Xiao added.

"Currently, FICC business accounts for no more than 5 percent in Chinese securities firms' profits, far below 40 percent or more of world leading players. This makes profits of Chinese securities firms heavily reliant on the stock markets' performance," Chen said.

"China's smartphone market is huge, and although it has fallen for two consecutive years, it still accounts for about 30 percent of the global market. In such a big market, there are many niche users, who will satisfy the survival of the niche brand itself," said Jia Mo, an analyst from global market research company Canalys.

"Chinese consumers want diverse, quality products, and a nice consumption environment," said Yu, adding that spending on health, convenience and personalized lifestyle products has risen.

"Compared with the previous round of property development, which is mainly fueled by investment, the new round of development is driven by consumption," said Nie Meisheng, founding chairman of China Real Estate Chamber of Commerce, at the 2020 annual meeting held from Dec 13 to 14. She also said digital technology will play a pivotal role in empowering buildings and communities.