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"But still, Chinese car startups are producing models in small volumes to perfect their production lines. And they also must learn from early users' complaints and negative feedbacks to optimize their products," Jia said.

"But whether Douyin can maintain this success remains a question, as youngsters' interests can change quickly. It depends on how the platform is going to operate in the long term," he said.

"China imports a large amount of consumer products, so if the yuan depreciates, the country will have a problem of imported inflation, which means inflation due to higher prices for imports. Moreover, as many top Chinese companies have issued debts overseas, any yuan depreciation will trigger an increase in their debt levels," he said.

"But there are also many problems, like blindly building theme parks and shopping galas that are all alike, or turning tourism-related businesses into real estate projects. Going forward, villages and counties like Xihewan and Tianpudawan can cooperate with institutes and universities, as well as companies, to leverage various sources for better development," Zhou added.

"China has successfully managed fast and strong economic growth for decades; the country's pace of innovation today is also unprecedented," Gibbs said.