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"China stands ready to work with Japan's newly elected party and government leader to continue to stay committed to the principles set out in the four political documents between the two countries, deepen cooperation on fighting the COVID-19 pandemic as well as promoting economic and social development, and to push forward the continuous improvement of bilateral ties," said Wang Wenbin, a spokesman for China's Foreign Ministry.

"China's audiovisual market is growing rapidly. But now many video platforms are becoming more and more similar to one another which makes them more challenging to user numbers and advertising revenue," said Wei Pengju, director of the Institute of Cultural Economics at the Central University of Finance and Economics in Beijing. Companies in the audiovisual sector are certainly aware of the challenges and are actively seeking solutions. The Xigua video app now targets the new mid-sized video sector to win more users.

"China represents a significant opportunity in the aviation industry, as it is developing rapidly and the demand for aviation services is increasing," he said.

"Creating employment opportunities is one aspect of upholding CSR (corporate social responsibility). All Chinese companies are also creating win-win outcomes by transferring technology, contributing to communities and cooperating with local government," he said.

"Customers will see more luxury automakers following suit. It's essentially a reaction to the lowered VAT rate," said Ron Zheng, a Shanghai-based partner with consultancy Roland Berger.