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Anand's business has been hard hit by the COVID-19 outbreak this year, with his sales declining by 50 percent year-on-year. However, he is still optimistic about his business and actively seeking new opportunities.

Andreas Schneck, general manager of Siemens Shenzhen Magnetic Resonance Ltd, said he is most impressed by the innovation power of Shenzhen and the Greater Bay Area.

Analysts believe the month-on-month slowdown, which was due to the high base from February, proved the fact that high inflation is highly unlikely this year and China's prudent monetary policy will continue this year.

And the battle is spilling beyond China's borders. Through acquisitions and partnerships with local payment networks and e-commerce vendors, both stand to offer cashless payment in 200 countries and regions.

And there are indications that China's employment situation has not only remained stable but has actually improved over time. The new data suggests urban unemployment decreased by between 0.1 and 0.4 percent between the first quarter of 2017 and the first quarter of 2018.