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Crude steel production hit 420 million tons in the first half of the year, rising 4.6 percent year-on-year. Jin attributed the increase to the elimination of inferior steel and increased market demand.

Cross-border e-commerce platforms such as AliExpress have also helped Chinese startups such as Simplee to shine. Simplee is a domestic designer clothing brand founded by four young designers. The brand targets female consumers aged between 25 and 35 who appreciate wild, passionate and intimate clothing.

Current trade tensions "have made the prices of raw materials fall, created volatility in the markets and made stock markets fluctuate," he said.

Cui Fan, a professor at the University of International Business and Economics, said the move is part of China's long-term endeavors to lower tariffs. Combined with a number of policies released by the State Council to attract foreign investors, the tariff policy is expected to improve the business environment and help boost foreign investment in the world's second-largest economy, he said.

Currently, taxpayers in the United Kingdom foot the bill to recycle plastic packaging but the 1 billion pound (.27 billion) annual price tag skyrocketed when the option to ship waste to China was taken off the table.