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"Chinese companies are shifting their focus from quantity to quality. Instead of unveiling new products almost every month, they realize that one premium flagship model has greater appeal to consumers," said Xiang Ligang, CEO of telecoms industry website Cctime.

"Chinese people are becoming richer and more international. What has not changed is their stomachs. So I made the decision to open the restaurant."

"Competition is one of the best mechanisms to promote innovation, and help maintain the vitality of every company." he said.

"Considering the structural price rise, it is unlikely to see China heading for stagflation in 2020," Cheng said.

"Consumption growth will likely pick up on the back of rising disposable income growth, especially that of lower-income households that have higher consumption propensity," Liang said.