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Any further rises would take overall hikes to between 200 yuan to 400 yuan per ton in just a few weeks, according to Jia Tingting, an industry analyst with chem99.com, a Shandong-based commodity information provider.

Apart from the continuing driving force of innovation, the rise of Chinese consumers is also "crucial for China's sustainable success," said the economist.

Apart from functioning as a sales channel, e-commerce also has a role to play in driving content marketing and reshaping brand image, something often neglected by traditional brands.

Another 7 billion yuan is expected to be invested this year, according to a news release provided by the ministry.

Ant Group is involved in the process to work on China's digital currency architecture, according to the prospectus it filed to the Shanghai Stock Exchange on Tuesday.