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Anyone seeking to decode the secrets behind the rise of the two stellar companies could do worse than just look around any Beijing subway carriage. Almost every passenger, young or old, white collar or construction worker, is very likely to have their eyes fixed on a smartphone screen.

Another cause was the implementation in July of stricter State VI emission standards earlier than the central government's 2020 deadline by 15 cities and provinces, Xu explained.

Apart from raising the reverse repo rates in March, the central bank has also stepped up financial deleveraging efforts.

Apart from production line switches, listed firms have changed gears to achieve full production. This has helped redress two critical bottlenecks faced during the expansion of mask production capacities: the large volume of raw material consumption; and the shortage of mask manufacturing equipment.

Apart from strengthening an industry-wide credit information sharing, regulators should also guide consumer finance institutions to tighten credit risk management and expand their business based on real consumption scenarios, the NIFD report said.