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"Companies in China have not only reported the greatest success so far in recouping output lost to COVID-19, but also anticipate making the fastest full recovery," said Chris Williamson, an economist at IHS Markit.

"Considering our current operation status, we are able to complete and may even exceed our global expansion goal of 200 cities," said Chris Martin, Mobike vice-president and head of its overseas expansion business. Much of that expansion will be domestic, but he said Mobike will cover more countries in the second half of the year.

"Crucially, consumer spending is catching up after a slow start and complementing what has been an industrial-led recovery," the report commented, foreseeing retail spending to get a boost from the Singles' Day shopping festival, which fell on Nov 11.

"Chinese individual travelers are able to choose their accommodation — serviced apartments — (compared) to group travelers whose hotels are being booked through tour operators or travel agents," Faure said, "Individual travelers tend to stay longer in a city to better understand the culture and live like a local."

"China's AI industry is rising and has unlimited development potential. This partnership allows IBM to bring our cloud and AI technologies and industry expertise to Chinese industries and innovative startups," said Liming Chen, IBM Greater China Group chairman.