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"Excessive production capacity reduction in the iron and steel and coal mining sectors had improved the quality of supply, raised prices of products and led to much higher corporate profit levels," said He.

"FAW Car Co Ltd, another holding subsidiary of FAW Group, was not involved in the suspension, which may imply FAW Group has been planning to sell its assets," an industry insider said on Monday, 21st Century Business Herald reported.

"Every month there is an entry about how they are doing. What are their problems? Every poor family in the country has someone responsible for them. The information is all taken and digitized and sent to Beijing. A central office compiles all that data."

"Due to the COVID-19 travel restrictions, there is significant growing demand for imported goods among Chinese consumers," Liu told an event kicking off the Double 11 campaign for foreign merchants. "International brands need a trusted channel for reaching Chinese consumers, while domestic shoppers are looking for ways to buy more quality products from abroad."

"Even so, the prospects of entering the mainland market are definitely good for overseas insurers because an enormous population still lacks insurance protection," he said.