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"By strengthening online layout, they can help alleviate the operational pressures of brick-and-mortar stores. In the long term, this strategy can help expand brand influence. Their popularity will easily spread to smaller cities, and will pave the way for their future store openings in lower-tier cities after the outbreak."

"China is taking the initiative to reduce production capacity based on its own national conditions. The efforts are to make the growth model and economic structure move to new economic drivers," he added.

"China has made rapid progress in improving its business climate for domestic small and medium enterprises in the past year. This progress, which now puts China among the top 50 economies in the world, signals the value the government places on nurturing entrepreneurship and private enterprise," said Bert Hofman, World Bank country director for China.

"China is already in the driver's seat with respect to the adoption of IoT technology, mainly driven by favorable government policies and fierce market competition inside the world's largest electronics manufacturing powerhouse," said Charlie Dai, principal analyst at Forrester, a business strategy and economic consultancy.

"Capacity continues to be the missing link for the continent to successfully drive its industrialization ambitions," says Kagiri. "This means that African governments need to focus on performance of the economy as well as capacity-building. It goes hand-in-hand."