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"Chinese consumers also favor more high-end baijiu given upgrades in consumption, which has helped increased companies' profits," the report added.

"Compared with traditional vehicles, NEVs are better in aspects such as the exemption from restrictions on license plate numbers, the government subsidies, the lower price of electricity versus that of petrol and the particular appeal to environmentalist consumers," said Lin Boqiang, head of China Institute for Studies in Energy Policy at Xiamen University.

"Company leaders need to focus more on using data for accurate analysis, which can enhance the whole process, ranging from product design and target groups, to marketing tools and after-sale services," Li said at the 2018 iPinYou Artificial Intelligence Conference.

"Chinese consumers have become more aware of quality," said Joost Vlaanderen, president of Mondelez International China, the company behind Oreo cookies. "They like products that are designed for them, and they are willing to pay a premium."

"China's economy, despite downside pressure, is likely to remain steady this year, as external headwinds may ease in the coming months and the effects of countercyclical macroeconomic policies gradually appear."