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Apart from reviving consumer confidence, May 5 Shopping Festival has also helped to incubate a number of new business models, said Hua Yuan, director of Shanghai Municipal Commission of Commerce.

Anta Sports published an offer in Helsinki to purchase all the shares of the Finnish Amer Sports on in December, 2018.

Another eight policies have been introduced to relax the limits for foreign service providers, including lowering the capital requirement for setting up investment companies in Shanghai and allowing the establishment of wholly foreign-owned performance agencies and travel agencies.

Ant Financial said it launched the app to encourage people to pay attention to green development, environmental protection, low-carbon living and reducing emissions.

Another rocketing sector is its delivery service for e-commerce traders, the business volume of which more than doubled in the first six months over the last year.