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Analysts also said SMEs need to accelerate their push for digital transformation to gain key momentum in the market amid disruptions from the COVID-19 pandemic.

And unlike the previous times, when rapid growth in the retail sector was supported by a debt-based bubble economy, this time the growth has a much stronger foundation and would thus be more sustainable, he said.

Analysts at Central China Securities said in a research note that the measures rolled out at the meeting will further energize the economy, open up more monopolistic sectors to private capital, and encourage private investment in the research and development of fundamental technologies.

And this isn’t the first time we’ve seen Google focus on e-commerce as of late. Last December, the company bought BufferBox, a?company that rivals Amazon Lockers and allows parcels to be shipped to pick-up stations.?One month later, it also acquired online data retail management service Channel Intelligence.

Analysts believe Bannon's departure is expected to create big ripples inside the Trump administration as this may indicate a separation between government policies and nationalistic ideas Bannon advocates.