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"China's coal-fired electricity has been and will be guaranteed," said Meng Wei, a spokesperson at the NDRC.

"Chinese customers have very deep trust in key opinion leaders (or KOLs) and this psychological bond can be partially explained by the pseudo-intimacy created by social media," she said. "Social media make you feel like influencers are friends as you know who they are in real life, thanks to the details of their daily lives shared through Weibo, WeChat and live streaming apps."

"Chinese consumers have become more savvy and shrewd, and gone are the days when the distributors banked on the lack of knowledge of the buyers and made huge money," said Zhu Feng, general manager of Banniere, a Chongqing-based wine importer and exporter.

"Chinese consumers, especially the millennials (those born in the 1980s and the 1990s), want to enjoy life ... they are quality-conscious and care about their individuality, and when it comes to shopping, they prefer premium brands," he said.

"China still lacks leading innovative talents in many industries and disciplines," said Zeng.