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Analysts said instead of a simple easing of financial regulations, measures may be more targeted, though some policymakers have realized that the earlier deleveraging campaign might have hurt the private sector to some extent.

Angel Chow, a tourist from Hong Kong visiting the market, said mainland shoppers will likely spend more money when they have WeChat Pay as an option.

And local electronics makers are experimenting with new sales campaigns such as partnering with food delivery companies and livestreaming platform operators in hopes of hitching a ride on the consumption revival bandwagon.

Analysys estimates China's mobile payment market will account for transactions worth 100 trillion yuan by 2019.

An online version of an exhibition at Beijing's National Museum of China to mark the 40th anniversary of reform and opening-up has been launched.