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"China's industrial internet is entering the fast lane, with a wide range of applications having emerged in manufacturing, healthcare, energy, smart ports and other sectors," Xiao said.

"Companies need to focus on refined operations as well as seeking new ways to turn profitable. They should try to reduce the cost, improve the efficiency, improve the service offerings and provide better user experiences."

"Consumption downgrade is more relative as it is just about a certain period of time or a certain group of people," said Wang.

"China's economic growth is the most important source of growth for the global economy," said Vasilis Trigkas, who is also a research fellow at the Belt and Road Strategy Institute at China's Tsinghua University.

"China's online consumption surged significantly despite the coronavirus impact, effectively meeting the daily needs of residents and helping to promote the steady recovery of the economy," Gao added.