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Chinese New Year, also known as Spring Festival, is the grandest celebration in China, with a seven-day holiday. As the most colorful annual event, the traditional Chinese New Year lasts longer, up to two weeks, and the climax arrives around Chinese New Year's Eve, with iconic red lanterns, loud fireworks, family banquets and parades.

China's trade also recovers fast, with its share of global merchandise exports hitting a record high during the pandemic.

China, one of the world's largest investors and adopters of digital technologies, is with a very large domestic market of consumers who are young and eager to embrace digital in all its forms.

China's recovery "is probably the most positive factor for the world economy and also for Asia," said Rajiv Biswas, executive director and Asia-Pacific chief economist at consulting firm IHS Markit. The world's second-largest economy "is a huge market for exports for most of the other Asian countries, and also for Australia and for New Zealand."

China's third-party mobile payment market has grown rapidly in recent years, offering consumers a more convenient alternative to bank payment channels. Alipay and Tenpay operated by Tencent Financial dominated with 54.26 percent and 38.15 percent of the market respectively.