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"China's support has been decisive," Rodriguez said, speaking highly of the enduring fraternal ties between the two nations amid the financial and economic sanctions imposed on Venezuela.

"Crucially, consumer spending is catching up after a slow start and complementing what has been an industrial-led recovery," the report commented, foreseeing retail spending to get a boost from the Singles' Day shopping festival, which fell on Nov 11.

"China will continue to deepen supply-side structural reform of the financial sector to increase supply of long-term assets, mainly by supporting asset management companies of insurers to set up long-maturity products. The country will also make product innovations according to the financing needs of the real economy to enrich the long-term asset market and foster a transaction market for long-term asset investments," Yuan said.

"Currently, local governments all turn to digital platforms such as Alipay and WeChat to hand out consumer vouchers online. According to incomplete statistics, Alipay and WeChat each have over 1 billion users. They have built up wide-ranging digital life networks with multiple functions," he said.

"China's communication's landscape, with its proliferation of different channels and all-encompassing WeChat ecosystem is spawning new ways of communicating that can be exported to the rest of the world," said Catanach.