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"China's retail sales of consumer goods surged 9.8 percent year-on-year in June, especially driven by the rapid growing online sales and this year's June 18 retail festival," Mao said at a news briefing held on Monday in Beijing. "And we've witnessed fast growth in online sales of cosmetics and home appliances."

"Currently, there is a lot of talk about artificial intelligence and a fourth industrial revolution and people have started to worry. Many are worried that artificial intelligence will replace people. Trust me, human beings are always smarter and wiser than machines and they will never be replaced," Ma said.

"China regulations are also so strict that in many cases, they are even more strict than in central Europe or Finland. It's good for the whole industry to have more firms operate in a sustainable way," said Nikkila.

"Colin Huang has created a world first, making billion since founding Pinduoduo just four years ago. Nobody in the world has ever made that much from a standing start," said Hoogewerf.

"China should expand reforms to improve the business environment for private investors [...] to allow them play a better role in facilitating China's restructuring," noted Zhang Jianping, an official from a research center under the Ministry of Commerce.