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"Digitalization has been an ongoing area of investment for us in the past several years," said Gao."E-commerce is an avenue we value a lot and will be our business focus from now on."

"Even if the founders of an education group have great ideas on what kind of kindergartens they want to run, it's still hard for the management team of each kindergarten to carry out the ideas," Liu said.

"Everyone understands the system from their own domain. An engineer would see it very differently from an economist. What we should be doing is to get them, as well as architects and urban planners, to sit at the same table and speak the same language to build an optimized hub system. But that's very rare in academia and in real life."

"Elderly people have long-term healthcare needs and are usually homebound. The government and local community are trying to help people to stay at home," she said.

"Enterprises adopted a wait-and-see approach to weather heightened uncertainty, dampening the expansion in business activities," Liu said, citing that small businesses scaled down activities the most as they are more flexible in decision-making and more vulnerable to negative shocks.