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Compared with the boom in online business, China's largest second-hand car market, the Huaxiang market in southern Beijing, which has a cluster of over 600 shops, is seeing less shoppers.

Component manufacturers in Guangdong are also taking the initiative to explore new technologies together with the rise of emerging markets.

Complaints about knockoffs from copyright and patent holders that are filed through the e-commerce company's new online express channel will be handled within 24 hours, instead of three or four days, as was normal before.

Compared to traditional retail, Tang said new retail has more precise insights on consumers to encourage purchases, and added figuring out an appropriate consumption scene and providing a better experience for consumers are crucial to achieve success in the new business format.

Combined revenue from main business totaled 116.5 trillion yuan, up 11.1 percent from 2016.