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"China can be a difficult market to crack and even more so for startups," said Crayfish.io Chief Executive Zhang Ting, "which is why the Crayfish China Accelerator program is significant — providing a crucial combination of money and hand-holding, a strategic Chinese investor to fund market entry, and all the necessary training, business expertise, and service delivery capabilities to facilitate it."

"But whether Douyin can maintain this success remains a question, as youngsters' interests can change quickly. It depends on how the platform is going to operate in the long term," he said.

"China is ramping up efforts to minimize the epidemic's impact and create a comprehensively well-off society," Li told a news conference on Tuesday.

"China has continued to deepen reform and development, creating a fairer and better business environment for global companies operating in China, prompting us to bring more innovative solutions to the country in a faster manner," he said.

"China is one of world's biggest markets (for books) and with the one-child policy dropped by the government, we see the opening of a new market," said Kurniawan while showing picture books at the committee's booth.