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And enterprises are adjusting their marketing strategies to target young consumers. Traditional Chinese herbal anti-hair loss shampoo brand Bawang Group launched an intellectual property (IP)-protected cartoon "Bawang elf family", which was drawn on the product package to attract young consumers. It also teamed up with gaming companies to launch crossover-brand products.

And in a more unusual twist, the Amazon Digital Mobile and Software Products Group will be here to recruit developers.

Analysts have predicted a whole-year sales fall for the Chinese market. Lang Xuehong, deputy secretary-general of the China Association of Automobile Dealers, warned at a recent forum that the fall could reach 5 percent compared with 2017, and the market could see a recession that will last for at least three years.

Analysts said that Wednesday's statement showed that maintaining a normal pace of approving share sales and restoring the capital market's fundraising function will be a key priority of the regulator, especially against the backdrop of cutting corporate debt and reducing leverage as key reform measures adopted by the central government.

An old building in Tianjin. [Photo/VCG]