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"Consumers these days are fastidious and want better quality and stylish products," said Xu Hui, a former clothing merchant from Yantai in eastern China's Shandong province, noting that the tendency appears in other sectors such as food, furniture and electronics.

"China regulations are also so strict that in many cases, they are even more strict than in central Europe or Finland. It's good for the whole industry to have more firms operate in a sustainable way," said Nikkila.

"China's bike-sharing industry now enters a new stage of integration. Bike rental firms need to expand their business in an orderly way, improve the way bikes operate and increase their profitability," said Raymond Wang, a partner at Roland Berger China.

"Choosing the right path and the right timing" to implement deleveraging efforts "will achieve high-quality development."

"Consumers in the old world were defined by their possessions, and companies were able to meet their customers' needs to an adequate degree with static business models and a 'one size fits all' marketing strategy that followed major trends," AT Kearney's He said.