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Domestic companies now account for nearly half of Oliver Wyman's customer portfolio in China

Despite the slowdown in transaction growth and investment growth in the real estate market after home purchase restrictions were introduced, Shanghai's Q1 economic growth was better than the 6.7 percent in first quarter of 2016, according to the Shanghai Statistics Bureau.

Domlija said he believed the new company's growth will be driven mostly by local businesses, and the company will continue injecting investment into understanding China's micro and macro-economic trends within the marketplace.

Digital transformation is an increasingly popular choice for firms and is expanding into corporate culture, customer service and other aspects, said Kitty Fok, IDC China's managing director.

Developments were also made in promoting overseas social networking platforms operated by leading Chinese media.