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"China's automobile market will gradually recover and remain stable for a relatively long period of time to come," said Cai, deputy director-general of the NDRC's industry coordination department.

"China's economic development has resilience and potential. The capacity to deal with external shocks is strengthening. The sound economic foundation will strongly support a stable foreign exchange market, and it will provide a stable basis for the reserves," said the statement.

"Consumption data collected via WeChat Pay can help us pinpoint customers and predict their preferences. We can feed promotional deals to attract new customers, or push in-app notifications to engage with recurring shoppers," said Tian Jiangxue, deputy general manager in charge of strategy at Tencent Smart Retail.

"China's strong economy should be seen as a good thing right now, as China is such an important export market for so many other countries," Cavender said. "The fact that China is still buying and hasn't seen an economic collapse is important for the world, as China right now is a lifeline for a lot of multinational businesses that have seen severe reductions in sales in their home markets."

"Chinese internet giants are leveraging their own capital and technological advantages to create retail ecosystems, while consolidating offline spaces and upstream and downstream industries to maximize their competitive edges," said Jennifer Ye, PwC China consumer markets leader.