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"Chinese consumers are more sophisticated and attach more importance to quality and value. They prefer products that are pleasant to the eye, user-friendly, intelligent, and ideally, connected. We made major adjustments to our product lines last year and took steps to shorten the time spent on research and development," he said.

"Compared with Hong Kong and Singapore, Hainan will utilize its own resources to develop. I think it will have a late-mover advantage with a relatively faster development pace," Chi said.

"Chinese cuisine is complicated and requires a great amount of time to cook," said Wang Puzhong, general manager of food delivery department of Meituan Dianping.

"Consumers now have higher expectations for online-to-offline business," said Bruno Lannes, a partner at Bain & Co, the global management consulting firm, in China. "Retailers must come up with new models."

"China, our third largest trading partner, is crucial as we enter this new chapter," he said, citing the UK's bilateral trade with China reached 104.5 billion pounds (9.57 billion) in 2019, surpassing 100 billion pounds for the first time and growing more quickly than any other region.