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"China's retail sales returned to growth for the first time since the coronavirus outbreak, in the latest sign that consumer spending was catching up with the country's wider economic recovery," the Financial Times said.

"Companies have the same possibilities of success as long as they really want to do it, and it does not have too much to do with the fact that they are startups or established," Yu said.

"Citi China's FMDB license is a piece of welcoming news for many of our QFII and RQFII clients," said Harry Peng, managing director and head of prime, futures and securities services for Citi China. "We are in a unique position – as the only American bank who can offer a complete solution to international investors to invest into China, whether it's equity or fixed income, directly (QFII, RQFII and CIBM direct scheme) or via Hong Kong (Stock Connect and Bond Connect), end to end, from sales, trading, research to custody, clearing and settlement. We have the full licenses and capabilities in China on the ground."

"Chinese consumers not only use this technology in video games and entertainment, but also drive the application of VR or AR in new fields, such as shopping," said Worldpay China General Manager Tang Kok San.

"China's economy, despite downside pressure, is likely to remain steady this year, as external headwinds may ease in the coming months and the effects of countercyclical macroeconomic policies gradually appear."