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Another trend insurers are seeing is healthcare. A large-scale national health program has been planned in China, and it creates huge opportunities for the industry, he said.

Ant Forest encourages users to collect points for engaging in low-carbon activities, such as using public transport; after a certain number of points are collected, Ant Financial and its partners plant a tree as a contribution to China's efforts to prevent desertification. Alipay's Urban Services provides online access to government services.

Another reason preventing a further easing of the monetary policy is the need to prevent systemic financial risks. But fiscal policies can play a major role in supporting economic growth in China, he said. "When unconventional monetary policies are becoming conventional, it will be difficult to come back," which in turn may lead to corporate debt surges or stimulate property bubbles.

Apart from aspiring to acquire stronger spending power to be in line with modern trends, Chinese women on the threshold of 30 are also under tremendous pressure to get married. In China, the "demand" for women above the age of 27 in the marriage market is "devalued", and they are labeled "leftover women"-a stigma for single women. Even if a single woman is highly educated and has achieved great success in her career, the fact that she is unmarried offsets all her qualities.

Any person who fails to comply with the court order may be held in contempt of court and is liable for imprisonment or a fine.