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"Following the COVID-19 outbreak, financial conditions tightened at unprecedented speed, exposing some 'cracks' in global financial markets," the IMF said in its newly-released Global Financial Stability Report, noting market volatility spiked, borrowing costs surged and signs of strain emerged in major funding markets.

"Going forward, we expect the Southern Transport Corridor to play a larger role in facilitating cross-border trade," said Lan.

"Furthermore, China is shaping up to be the world's second-largest economy. These people have not experienced material shortage and they have no intention to do so," Feng added.

"Haitao, or shopping directly from overseas sites, is likely to be more relevant to brands looking at initial market entry. Retailers and brands should therefore play to their different national specialties when attempting to differentiate themselves from their competitors," said Matthew Crabbe, Mintel's Asia-Pacific director of research.

"For instance, many of the Navy's ships are small and have poor information processing capacity. We need to build aircraft carriers, carrier-borne fighter jets and new-generation destroyers, and these require huge investment," Cao said. "Similarly, the Air Force can't fulfill its missions in the 21st century without strategic transport planes and stealth fighter jets. The increase in the military budget is necessary to offset the insufficient input in the past."