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And China's rapid urbanization means this transformation will come much sooner here than in other countries. In light of this trend, China has set up comprehensive plans to transform and upgrade its automotive industry.

Andrea Kremer and Hannah Storm. (Amazon Photo)

And when the clock strikes midnight, signaling New Year, she said the passengers - irrespective of where they come from or what they do for a living - all take out their phones and dial their families and loved ones.

Analysts said this a reflection of the overall weakening economy, but profit growth of those firms may gradually pick up starting from the second quarter as the country's supportive policies take effect.

And the tourism industry may face a shakeup, as foreign entrants, such as American Express, Germany's Touristik Union International and Japan Travel Bureau Foundation, could invest a lot to expand their sales network either built on their own or through acquisition, Liu Simin, a researcher at Beijing Foreign Studies University, said. But they also have to be ready for a long battle and understand Chinese market, Liu added.