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"Compared with traditional trade that relies heavily on bulky multinational corporations, cross-border e-commerce is creating a fast track for small, micro and medium-sized enterprises by trimming costs and providing more personalized services," said Chu Yin, a professor at the University of International Relations in Beijing.

"City of Hope saved my mother's life when she had ovarian cancer," said parade-goer Michelle Cohen. "I tear up whenever I see their amazing floats."

"China's AI industry is leading in applications compared with other countries," said Yuan. "We lack innovation in ideas since there exists a large gap between research institutes and enterprises."

"China's policy focus continues to shift between three－at times competing－policy objectives of ensuring sustainable growth, maintaining financial stability and implementing reforms to rebalance the economy, with the current focus primarily on growth and stability in the face of slowing GDP growth," said Michael Taylor, managing director of the Asia-Pacific region at global credit ratings agency Moody's.

"Cle de Peau puts in a lot of efforts and investment in the R&D of its products, and it doesn't advertise much. The brand builds its reputation by word of mouth," said Neil Wang, president of consulting firm Frost & Sullivan in China.