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"Change is easy, progress is always much more difficult," said Watkins. As the global pandemic has made it increasingly difficult for students at the high school and university level to travel globally, the use of remote or e-learning has enabled teaching and learning to continue without interruption.

"By liquidizing remnant assets, these companies reduced around 20 percent of financing through traditional approaches and saved a total of 500 million yuan in interest (payments)," Zhang said.

"China has related laws and regulation in terms of the misconducts. But there is still a long way to go before we put them into actions," he said, adding that the ministry will strengthen its supervision over charities to make these organizations better serve the public in the future emergences.

"By further reducing the burden of manufacturing enterprises, it will help promote the investment and development of the sector, and thus form a benign cycle. Tax cuts and fee reduction are an important measure to help lower the costs and they will help manufacturing companies to raise their product qualities," said Liu Xiangdong, an associate researcher at the economic research department of the China Center for International Economic Exchanges.

"Buying appropriate Christmas gifts is also a difficult annual task for Westerners," he said. "And with the concept of a market economy getting into more and more Chinese minds, bigger and thicker red packets are just something that come naturally. After all, it's easier for people to measure the value of the gift if it comes in cash."