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"Double 12 has become one of those special days in the year that is dedicated to shopping," he said. "At the end of the day, it is a sign of the meteoric rise of Chinese consumerism."

"Driving up the service outsourcing industry is a national strategy. It is also part of China's efforts to attract more foreign direct investment. Relevant companies will enjoy more preferential taxation policies," Wang added.

"Departments concerned are working on the subsidy scheme for 2019 and the overall guiding principle is to prevent the withdrawal of subsidies from causing turbulence in the sector," said Miao when addressing the annual China EV100 Forum held in Beijing.

"Facing the unprecedented need for bicycles, it is only possible for Chinese manufacturers to make delivery because China has brought COVID-19 under better control across the nation and has a complete production chain in place," said Qi Xiaozhai, director of the Shanghai Commercial Economic Research Center.

"Despite the divergent forecasts for China's GDP growth, no one would doubt the potential of the economy, and China is still the driving force for global recovery," he said.