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Another key factor going forward for China's tech sector is the "Shenzhen effect" - manufacturing clusters with deep networks, experience, expertise and easy supplier availability not available anywhere else will allow Chinese companies to integrate hardware in software. "5G is another step function. There is going to be stuff that we can't even imagine that is going to be built in Shenzhen because of the proximity of all those people together," Robinson said.

Apart from Red, other online retailers are wooing a large number of affluent Chinese consumers with a wide range of authentic and high-quality overseas products.

Anjuke and REA Group will continue to deepen their communication and collaboration on technological innovation with the adoption of big data analytics, interactive property information display and optimization of the online platform, according to Anjuke's Chief Operation Officer Jeff Ye.

Another recent news is that the PBOC will start reviewing how banks are performing in the green finance sector on a quarterly basis from next year, as the world's second-largest economy steps up efforts to promote sustainable finance.

Annual dairy product sales in China are predicted to grow 16.8 percent to 480 billion yuan by 2023. Currently, China is the second-largest dairy market globally, following the United States. This year, total sales of dairy products are expected to reach billion in the US, Euromonitor found.