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"But the overall process will not be quick because it spans too many businesses and several different groups," said Zhang at Sublime China Information Group. "The negotiations will take a long time."

"China is the world's second-largest luxury market, and we are delighted to have such a respected partner. This partnership addresses the market's challenges by combining the Farfetch brand and curation with the scale and influence of the foremost Chinese e-commerce giant," said Jose Neves, CEO of Farfetch, which raised 0 million in 2016 in a Series F round of funding.

"COVID-19 has made a big impact on consumption," Li said. "For China to achieve positive growth this year, boosting consumption is vitally important. Efforts should be made in line with our own national conditions to expand channels of consumption and stimulate domestic demand."

"China has relied on digital technologies and decentralised economic policy to drive up consumption, rather than centralised stimulus payments through direct deposits or debt-financed guarantees as seen in Australia," they wrote.

"China has embraced mobile payments faster than any other country, and will continue to lead the global charge in this regard," said Vishal Bali, managing director of Nielsen China. "Mobile payment is on the rise globally, and will continue to support greater connectivity and efficiency across the commercial ecosystem."