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"Currently, the entire Yangtze basin has entered its main flood season. It's a critical time for flood control and disaster relief," it said.

"Currently, Chinese people are ushering in an era of consumption upgrades that attached more importance to development and enjoyment, providing strong support to create a robust domestic market," said Wang Yun, director of the consumption office of the economics institute at the China Academy of Macroeconomic Research.

"Currently most consumption in China is focused on products, such as food, garments and healthcare products and there is little consumption for services, showing that China's consumption growth is still in its initial stage, with considerable room for growth," said Fan.

"Competitors can talk as competitors, but it doesn't have to be enemies. It can be competitors; it can be suspicious. But, it can be under some kind of control," he noted.

"Chinese consumers have shown huge enthusiasm for 5G smartphones, which has outpaced our expectations," he said. "To tap into this demand, Xiaomi plans to launch over 10 types of 5G smartphones next year."