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Around the same time last year, consumer stocks rose and sustained their momentum for a while. Kweichow Moutai and Midea shares soared to record highs. This year, the story could be no different, analysts said.

As China's top tier markets have become saturated, more growth is expected to come from lower tier cities this year.

As China's commitments to the World Trade Organization have further opened the country's automotive sector including cutting tariffs, liberalizing joint-venture stocks and gradually removing subsidies from certain types of vehicles, Xu stressed, manufacturers in China must face this reality and take effective measures to seek new growth points through innovation and new business models.

Around 600 entrepreneurs, prominent investors and academic experts attended a summit held to explore the trend of new economy in Xiamen, Fujian province. [Photo/NEDS]

Apple sales in China dropped 27 percent in the final quarter of 2018, with CEO Tim Cook admitting that higher iPhone prices are a "factor" in the decline.