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"Cutting fees is just as important as cutting taxes. But because there is a lot of flexibility with fees, some companies may work on finding loopholes to help them avoid paying. Yet by doing so they are also paying the cost of taking a risk," he said.

"Consumers who are interested in yoga have strong purchasing power," said Zhang. "They are not price sensitive groups but care more about product quality."

"Compared with the previous round of property development, which is mainly fueled by investment, the new round of development is driven by consumption," said Nie Meisheng, founding chairman of China Real Estate Chamber of Commerce, at the 2020 annual meeting held from Dec 13 to 14. She also said digital technology will play a pivotal role in empowering buildings and communities.

"Chinese customers who buy used cars are mainly short of cash, so plentiful financial products will help their purchases," he said.

"Companies that have been through massive growth have to ensure they'll continue to be an attractive brand in the long term, and I believe we will."