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Companies such as Taobao have advanced government efforts in introducing special poverty alleviation programs to train farmer livestreamers and help countryside sellers promote their products.

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Compared to developed countries, relatively low industrial concentration forced Chinese companies to enhance technological innovation speed, Zhang said. Statistics of production capacity in steel industry indicate that the industrial concentration of top 4 large enterprises in the United States and Japan is above 70 percent; while the industrial concentration of top 10 Chinese enterprises is less than 40 percent.

Companies will have to obtain much of their inputs, capital and equipment from China or other producers in the Asia-Pacific region, Sonmez said.

Companies such as fashion house Coach China have been leveraging WeChat as a key communication platform to attract and engage talent with authentic stories to showcase life at Coach on social media, according to Janet Zhong, vice-president responsible for HR at Coach Asia.