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Analysts said the market response to this tectonic shift in consumption pattern will be clear and in one clear direction－up－barring a few periodic corrections.

Anbang Insurance will soon initiate the selection of strategic shareholders to introduce good-quality private capital into the company and to ensure the safe exit of CISF, according to the regulator.

Analysts said that PICC, while consolidating its leading position in the property and casualty business, needs to boost the strength of its life and health insurance arms to better balance its business structure.

Analysts said this bodes well for Shenzhen's homegrown companies. These technology giants can further expand and bring innovation to Southeast Asia. Companies in the region can tap Shenzhen as a base to explore the larger Chinese market.

Analysts expect the holiday will offer the strongest boost for domestic tourism so far this year, though the numbers could be down from the same time last year with COVID-19 precautions still in place.