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"Even though the COVID-19 pandemic has brought about an unexpected shock to economic performance, especially in the retail sector, it has also ushered in unexpected opportunities for new types of consumption and services, including contactless models," Gao Gao, deputy secretary-general of the National Development and Reform Commission, told a news conference on Sept 22.

"Establishing an asset management subsidiary will prevent risks arising from the asset management business from spreading to the parent bank," said Zeng Gang, director of banking research at the Chinese Academy of Social Sciences' Institute of Finance and Banking. He said investors will now only be able to hold the parent bank financially responsible for losses equal to the extent of its investment in the subsidiary, rather than the full extent of any losses, as had been expected previously.

"Decoupling business licenses and operating permits is the right way to go, as it meets both corporate and public needs. It is a necessary part of the reform of our market economy system, and a step we must take," Li said.

"Even 10 years ago, all the street lights (in China) were all LED. There were street sensors for traffic tracking and control," said Yu. "It all happens very quickly, because whenever there's a hot technology, the Chinese people will go for it."

"E-commerce boom is fueling the jewelry industry turnaround," said Neil Wang, president of consulting firm Frost & Sullivan China. "More traditional jewelry groups such as Chow Tai Fook, Chow Tai Seng and Swarovski have stepped into the online retail business, where they saw a better performance.