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"During this critical period of rebooting the economy, we decide to host this festival covering all online and offline businesses …… to unlock consumption potential and boost consumption confidence," said Acting Mayor Gong Zheng during the opening ceremony.

"Establishing their own wealth management subsidiaries is one of the steps taken by banks to make a transition in terms of asset management. What is more challenging for the reform is how the customers will react to the switch of wealth management products from the expected returns model to the net asset value model, which does not guarantee the return of principal and interest," he said.

"Domestic consumption will be the main driver of growth going forward with the main downside risk stemming from a potential intensification of the trade conflict with the United States," he said.

"DouYu is headquartered in Wuhan, and the company is a member of Hubei province. Using DouYu's platform and the new mode of 'livestreaming plus e-commerce', we hope to promote Hubei brands to netizens nationwide in a more direct manner. It is part of our efforts to help enterprises in Hubei resume work, and assist the region to revive business," said Chen Shaojie, founder and CEO of DouYu.

"Elderly people who choose to receive care services in their homes or in nursing or medical institutions will be given different subsidies," Tao said.