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"Consumers in the old world were defined by their possessions, and companies were able to meet their customers' needs to an adequate degree with static business models and a 'one size fits all' marketing strategy that followed major trends," AT Kearney's He said.

"Chinese consumers are fully adapted to online shopping and China's AI-driven personalization is far ahead of what we see in the West," he told Xinhua after a keynote at a special session on e-commerce's future on Wednesday.

"Choosing a vice president is the first important decision a president makes," said former president Barack Obama, for whom Biden served as vice-president, in a statement. "Biden nailed this decision.

"Consumption is also one of the pillars to support economy."

"Chinese customers who buy used cars are mainly short of cash, so plentiful financial products will help their purchases," he said.