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"During the first 10 months of 2018 there were 131 financing deals in the sports industry, merely one more than in the same period last year," said An Fuxiu, founder of Sportbank, a Beijing-based sports industry consultancy. "Unlike previous years, investors have become more rational, but are still passionate about premium projects."

"Efficiency means profit. And what's happening at Big River Steel is our prospect," said Zhang.

"Domestic circulation", or the internal cycle of production, distribution and consumption, will be the mainstay of economic development while the domestic market is integrated with "international circulation" to promote the smooth two-way flow of goods and capital.

"Debt-to-equity programs work well for companies that are facing short-term obstacles but are expected to see profits in the future," said Xu Gao, chief economist with China Everbright Securities. "The key is to ensure the programs can be implemented using legal means and with high transparency."

"Double Eleven", an annual shopping season initiated by Alibaba over a decade ago, has enabled online shopping platforms to thrive.