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And it is big business. The total sales of tickets for concerts and festivals in China amounted to 3.2 billion yuan for 2016.

Analysts said Broadcom can still build heft through smaller deals. And it could have an easier time buying US targets if it goes through with plans to redomicile in the United States.

Ang believed that the CIIE is a great example to build a more inclusive economy collectively, while China's new development pattern of "dual circulation" is conducive to promoting domestic demand and opening up to create opportunities for global companies.

And the global trade pattern will hence become more scattered, while the reorganization of supply chains will be shorter and more diversified, Moody's said. "Though it could be healthier, however it could also lead to low efficiency and high inventory," it added.

And in a related development, an expert panel which is guiding Japan's coronavirus response called for new measures by local authorities, as Hokkaido, the region with the most cases in the country, prepared to end its state of emergency.