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"Compared to some advanced countries, China is an emerging internet power that more willingly adopts new technologies," Cheng noted.

"Chinese brandy producers like Changyu have been making achievements on innovating efficient ways to create quality products. To promote the overall brandy industry in the domestic market, Chinese producers need to communicate and learn from their foreign counterparts," said Xu Yan, deputy head of Jiangnan University.

"Consumers in second-tier cities or even smaller ones usually have more spare income, as they are free from the pressures of housing and children's education compared with those in first-tier cities," said Jin Guangyang, CEO at Reindeer Beauty, a franchised cosmetic procedure clinic established earlier this year focusing on medium-to-small cities.

"Compared to seven years ago when the cost of starting an internet-related business was record low, such cost under the age of AI is high," said Lee Kai-fu, adding that AI research should go beyond borders.

"Chinese consumers are increasingly cooking at home and like small home appliances with multiple functions and attractive appearances," said Si Zhenming, brand director of Joyoung.