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"China's audiovisual market is growing rapidly. But now many video platforms are becoming more and more similar to one another which makes them more challenging to user numbers and advertising revenue," said Wei Pengju, director of the Institute of Cultural Economics at the Central University of Finance and Economics in Beijing. Companies in the audiovisual sector are certainly aware of the challenges and are actively seeking solutions. The Xigua video app now targets the new mid-sized video sector to win more users.

"China should not lose focus in reducing financial risks, and we have confidence that it will succeed in this difficult task," said Goldberg.

"China still has sufficient policy tools to handle possible shocks," Zhang said at the China Finance 40 Qujiang Forum in Xi'an, Shaanxi province, on Saturday.

"China strongly urges the United States to abide by the one-China principle, the three joint communiques between the two countries and UNGA Resolution 2758, and immediately stop backing the Taiwan region, politicizing, and undermining international response to the pandemic," he added.

"Costco is good at building a loyal shopper base through its paid membership program with low prices and a select number of stock-keeping units. The question is whether they can replicate this in China easily," said Jason Yu, general manager of Kantar Worldpanel China.