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"Chinese consumers are more sophisticated and attach more importance to quality and value. They prefer products that are pleasant to the eye, user-friendly, intelligent, and ideally, connected. We made major adjustments to our product lines last year and took steps to shorten the time spent on research and development," he said.

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

"Chinese commodities, services and brands of the past represent quality, the Chinese spirit and creation of China," said Ma Qiji, a media researcher at Peking University. "It's a necessary attempt to bring new life to those brands with digital methods."

"China's tighter regulations provide tremendous opportunities for us, and we are well positioned to introduce our expertise and technologies to provide innovative solutions to meet stringent environmental standards in China," said Thomas Stanley, chief technology officer of Suez-Water Technologies& Solutions.

"China's total logistics expenditure accounts for about 15 percent of its GDP. The smart logistics sector is a multitrillion market."