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"Compared with Shanghai and Shenzhen, Beijing started earlier and developed faster," Nie said. "Beijing has been building innovation platforms and holding innovation contests to attract big companies and talent to participate, which have significantly raised investment efficiency."

"China's economic restructuring can be seen in the rising contributions of consumption and services to GDP," he said, adding strong domestic consumption has not only strengthened the country's markets but also stimulated both multinationals and domestic companies to shift the emphasis of their operations from 'Made in China' to 'Made for China'.

"Compared to the downturn seen in smartphone demand and many other segments in the first six months of this year due to the devastation caused by COVID-19, the smartwatch remains a popular consumer device segment," said Sujeong Lim, senior analyst from Counterpoint Research.

"Culture export undertakes the responsibility of cultural communication between different countries and also bears economic significance, helping enhance the soft power of a country," he said.

"China's manufacturing industry had just begun accelerating its development back then. I usually took the train from Nanning to Shanghai to purchase cloth and then came back to Vietnam through Pingxiang," said Trieu.