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"Have a wonderful 2020! May this year be filled with joy and prosperity. May everyone be healthy and may everyone's aspirations be fulfilled," Modi wrote on twitter. "Have a wonderful 2020!"

"Global sales of OTT TVs will amount to 260 million units this year, with the revenue from advertisements reaching 7 billion yuan to 9 billion yuan. Moreover, the deployment of 5G technology will make the transmission of 8K content possible, as well as boosting the development of the internet of things," Peng said.

"Having said that, Alibaba has a great share in e-commerce and cash flow, meaning they can invest significantly and they will fight very hard," McKenzie said.

"Global companies in China no longer need to ship their products away from the manufacturing facilities in the country. Instead they are becoming more inclined to tap growth from the robust domestic market demand," said Wang Shouwen, vice-minister of commerce.

"Formalities for formalities' sake" and bureaucratism are not only problematic work styles but also a political issue, which severely affects the implementation of the policies and decisions made by the CPC Central Committee, according to the meeting.