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And 87 percent of Kuaishou's users are from the post-'90s generation or the so-called millennials. "We are devoted to recording the daily life of ordinary people, giving them a stage to express themselves," said Su, adding the app aims to improve the user experience and attract more new users.

Analysts say the central bank prefers mid- to long-term policy tools over reverse repos, which boost liquidity in the banking system within a short period of time, as it faces a major task in reducing the costs of long-term financing.

And that innate ability has come in handy with the novel coronavirus outbreak forcing many indoors to avoid infection. During this period, digital tools have helped businesses normalize operations without employees incurring the risk of cross-infections.

An offline package pickup station for Xiaohongshu, or Redhome, in Zhengzhou, May 31, 2018. [Photo/VCG]

Analysts said that the Chinese smartphone market is expected to see a reshuffle as smartphone consumption slows down with almost all Chinese people owning at least one mobile phone.