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"Encouraging street markets and mobile vendors is necessary to increase employment. For those who have jobs, starting street market businesses also helps in generating more income at lower costs. However, it is also important for local governments to roll out regulations to ensure security and hygiene," Wei said.

"Double Eleven", an annual shopping season initiated by Alibaba over a decade ago, has enabled online shopping platforms to thrive.

"Each operator paid nearly 500,000 yuan (,400) to the group every year," said one business operator surnamed Liu. "The group had been trying to take back the venues since May 2018, but failed to reach an agreement with some of the operators."

"Daimler is the first company to state explicitly how much electric vehicles are going to hurt margins," said Bernstein analyst Max Warburton. "It was brave to go first, but of course it won't be the last."

"Even 10 years ago, all the street lights (in China) were all LED. There were street sensors for traffic tracking and control," said Yu. "It all happens very quickly, because whenever there's a hot technology, the Chinese people will go for it."