Evolving consumer behavior

Wu also highlighted the transformation of China's broader business and consumer environment over recent decades.

"Consumers in the 1990s were still learning and discovering," he said. "In the early 2000s, they became increasingly sophisticated. Today, especially in major cities like Shanghai, Chinese consumers are among the most advanced globally."

He noted that the difference between pre- and post-pandemic consumption patterns is particularly striking, reflecting not just gradual change, but structural transformation.

"Consumers today are more confident, more fashion-conscious, and more expressive," Wu said. "They travel more, experience more, and have broader global awareness."

He also pointed to the increasing fluidity between "international" and "local" culture.

"The distinction between international and local is becoming less meaningful," he said. "The more local something is, the more international it can also become."