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Besides Principal Financial Group, heavyweight international players including AMP Capital, Fidelity and Vanguard are stepping up their presence in the Chinese pension market.

Beyond providing standard cloud services, Alibaba will offer British partners insight into the Chinese market, according to Sean Harley, chief information officer at Ascential, a London-based marketing optimization service that uses Alibaba Cloud in China.

Besides rolling out details of the shopping festival, the event raised the curtain for a list of promotional activities such as new product global launches in Shanghai.

Between 2015 and last year, the annual total revenue of foreign-invested inspection and testing companies in China increased by an average rate of 22 percent, compared with 15 percent for the national average for the whole sector, the administration said.

Besides first-tier cities like Beijing, Shanghai and Guangzhou, second- and third-tier cities are also seeing the rising popularity of Airbnb among their millennials, he said.