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By 2022, sales revenue of the sector in China is expected to reach 22.35 billion yuan (.2 billion) from 20.25 billion yuan in 2018, with a compound annual growth rate of 2.5 percent, according to consultancy Frost & Sullivan.
By applying its own cutting-edge robotics and technology, over 50 percent of the manufacturing process for Redmi's handsets is now performed without human participation.
But, there are also bright spots in the industry, such as the launch of pilot tax-deferred commercial pension insurance products, which could help boost insurers' premium income, Pan said in a research note.
But that is unlikely to happen for a few years, according to Andy Swanton, vice-president at BYD Motors, the US arm of BYD.
But the problem of fake labels has left many online shoppers wary of buying luxury items, Lu Zhenwang, CEO of Wanqing Consultancy in Shanghai, stressed.
来源：资阳报