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Another policy that took effect on Wednesday was a revision to the regulation on distant-water fishing.

Apart from Tencent, Alisports, the sports arm of e-commerce giant Alibaba, has also joined the party after launching the Alisports World Electronic Sports Games in March 2016, with 1,200 events planned across 15 Chinese cities. Another Chinese tech giant, NetEase, is also trying to develop an e-sports league based on its own games.

Another key factor to boost the sales of Chinese autos was the lifting of restrictions on imports imposed in 2015.

Another noticeable trend is that a growing number of private companies are going global and they are increasingly taking the lead in technology innovation, whether domestically or internationally. Apart from serving their European clients, China's private companies are leading some big changes in their industries after they expanded into Europe, he said.

Another report from Alibaba on last year's Spring Festival holiday consumption trends showed that among the consumer groups, the 1980s and 1990s generations took up 33 percent and 27 percent of consumption respectively.