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Different states are re-opening at different paces. Anecdotal evidence suggests airline travel, hotel bookings and restaurant reservations are increasing. But commerce remains well below pre-pandemic spending.

Documents released by the Shanghai Municipal Government during this year's meeting of the NPC said that the launch of the board and an experimental registration-based system for IPOs would allow the city to cultivate and select potential IPO candidates. They would include unicorn enterprises - privately held startups worth more than billion - and hidden champions, categorized as relatively small, unknown but highly successful companies, along with businesses that offer new technologies, new models, new formats, or operate in new sectors.

Diane Jacobs

Di said she was looking forward to Chinese New Year.

Despite their small market share, domestic brands in general have outperformed their foreign counterparts in recent years, and are likely to continue to enjoy a faster growth rate, according to Qianzhan.