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"Currently, the data of banking institutions lack accuracy, comprehensiveness and timeliness. These quality problems for data have prevented banks from heading toward high-quality development and have affected the regulatory efficiency," said the China Banking Regulatory Commission in a written explanation for the latest guidelines posted on its website.

"Chinese retailers look for brands that are well placed to expand into their own growing markets where an influential, well-connected name can help to open doors with mall owners, landlords etc, that can be promoted to quickly appeal to shoppers," said McKeever. "As this owner was already familiar with the brand…that knowledge and expertise augers well. Given the rate of expansion in Chinese malls this would seem an ideal opportunity and great fit."

"Cross-border e-commerce companies take the main responsibility for the quality and safety of goods. Cross-border e-commerce platforms must register with the authorities to conduct business activities in China, and bear the responsibility for upfront compensation," Feng said.

"Chinese travelers, especially those born in the 1980s and the 1990s, are becoming increasingly accustomed to homestay in the domestic market. They are the main spenders. So, it would be unreasonable to ask them to use one app for booking rooms in China and another app in overseas markets. We're moving in advance to grow the supply of quality houses in foreign countries," Chen said.

"China's approach to public health is strict, it's disciplined," which is "a model of what can be done to contain the impacts of a disease outbreak in a major economy," he said, adding that "it's a model that the rest of the world needs to take very seriously as an example of what is missing today and what they could do."