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As the COVID-19 epidemic wanes in China, the country has been introducing a string of measures to revive consumer confidence as part of broader efforts to shore up the economy.

As the number of high-net-worth individuals (HNWIs) on the Chinese mainland is growing rapidly, distribution of wealthy individuals is becoming more geographically balanced, expanding from coastal cities to central and western regions, thanks to the mainland's industrial upgrading.

As the most significant tax overhaul for two decades, VAT is replacing business tax which has been in place for 60 years, streamlining procedure, and avoiding repetitive taxing. It was piloted in Shanghai in 2012 and expanded nationwide in May 2016.

As the COVID-19 pandemic has had a huge impact on exports since early this year, Zhan said the company had to shift its business to the domestic market.

As the aviation industry attempts to find a way forward, experts warn the impact of the pandemic will be far-reaching.