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David Wong Yau-kar, a Hong Kong deputy to the National People's Congress, the country's top legislature, told China Daily that under the "one country, two systems" principle, Hong Kong will be an important "bridge" and "window" between the domestic and foreign markets, as well as internal and external circulation, for the nation's next five years of development.

Daily active users of Kuaishou surged 40 percent during the Spring Festival holiday, compared with the festive season last year. Douyin also saw a 26 percent rise in DAUs during the same period than a year ago, the report said.

Data suggest consumers on the mainland value key opinion leaders and celebrity recommendations. Nearly 80 percent of respondents on the Chinese mainland believe the influence of celebrities and key opinion leaders are becoming more important, especially for people in third-and-lower-tier cities.

De-escalation of China-US trade tension and increasing overseas orders during the Christmas season have led to improved external demand while domestic countercyclical policy adjustments have been effective in spurring demand and resulted in a pickup in infrastructure activities. The Singles Day shopping spree on Nov 11 also helped drive up domestic consumption, Zhong said.

David Herring, president of the National Pork Producers Council, told a US House Agriculture subcommittee in a hearing last month that retaliatory tariffs imposed by China and other countries are "one of the most damaging threats" to his industry.