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"China's e-commerce grew because it believed in the entrepreneurs," said Ma, adding that "first innovation, and then policies to facilitate entrepreneurism."

"Continued investment in user engagement, especially through social commerce content, contributed to our strong gains in annual active consumers," said CEO Daniel Zhang in a statement.

"Coal, oil and steel industries already posted slower profit increases in March," said He, who also warned of pressure from rising costs and financial expenses.

"China was opening-up and I thought that it would become extremely open one day. I knew it was the right time to go to China," he recalled.

"Chinese consumers are shopping across seven different store types and we believe there are still opportunities for brick and mortar retailers," said Jason Yu, general manager of Kantar Worldpanel China. The key is how the retailers adjust to the changes in China and revise their store formats and accelerate digitalization.