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"For example, in big cities, people are willing to spend one month's salary on an iPhone," he said. "In small ones, they prefer mobile phone brands such as Oppo and Vivo, as they have good functions and designs but are relatively cheaper."

"For portfolio investment, it will refer to the opening-up of the financial market. To that end, the domestic stock market and the debt market will be further opened up. Local residents will be able to realize their asset allocation in a wider area," he said.

"Five years later, the annual revenue is likely to be more than double the number today," Ren said. The Shenzhen-based company posted 8.5 billion in revenue in 2018, and said earlier that the figure is likely to hit 5 billion this year.

"Goulanyao is a historical and cultural village in Hunan, whose harvest festival and many unique celebration activities are unique cultural heritage highlights of the Yao ethnic group. It's a cure to poverty," said Jiang Xiaojun, the village Party chief.

"For luxury brands, the market of Gen Z(referring to those born after the mid-1990s) matters hugely," Mike Hu, the managing director of Tmall in charge of fashion and luxury products, said in a press release.