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"Consumption drives economic growth by leading investment. Economic growth can only be stimulated if consumption can be expanded to boost industrial production," said Wang Tongsan, an economist with the Chinese Academy of Social Sciences, a government think tank.

"Currently, most of their revenues are from the domestic market," Dai said. "Douyin and Kuaishou have gained popularity in Japan and Southeast Asia, respectively. We expect those Chinese short video apps will see more downloads and revenues generated from overseas markets."

"Cooperation between the government and central SOEs has revitalized the local market, introduced new investment and promoted the establishment of modern corporate mechanisms. Meanwhile, the cooperation has facilitated the transformation of Guizhou's traditional industries, enhanced management levels of local companies and promoted high-quality economic development of Guizhou," Lei said.

"Current personal finances as well as evaluations of the national economy each posted large gains," Richard Curtin, chief economist for the Surveys of Consumers, said in a statement. "Net gains in household income and wealth were reported more frequently in early February than at any time prior since 1960."

"China's capital reform efforts are market-oriented, rules-based and more compatible with international standards. As the Chinese stock market grows rapidly, the acceleration of the reforms will help boost the market's global profile and enable it to better serve the economy," Li said.