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"Compared with the older generation, they are more willing to pay for convenience, entertainment, mental stimulation, companionship and education that will benefit their future careers."

"China's foreign trade continued to stabilize and improve in the first four months this year and the trend will continue through the year," said Gao Feng, the MOC spokesperson.

"Currently, China's service exports are mostly dominated by large businesses. But the majority of the service providers in China are SMEs. There will be more opportunities for them to export their services in the future," he said.

"Chinese e-commerce firms have been rapidly increasing their presence in the global market," said Feng.

"Compared with large State-owned commercial banks and national joint-stock commercial lenders, city and rural commercial banks, also known as small and medium-sized banks, are weaker in terms of the capital adequacy ratio. They also demonstrated significant regional differences in their interim results. Some of them are financially stable, whereas some are facing major risk exposures," said Michael Hu, PwC China financial services partner.