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Another major feature of the revision lies in the provision that grants the country's farmers' specialized cooperatives equal legal status with other market entities, which for Shen Yueyue, vice chairwoman of the standing committee, "addresses the major problems in the implementation of the law."

Apart from science, Shenzhen's enterprises have also played an active role in the process. Electric car maker BYD quickly shifted to the production of masks as the coronavirus spread like wildfire. The company managed to produce 5 million masks a day within a 24-day span, making it one of the world's largest suppliers.

Anti-Amazon grafiti already awaits the company in its new neighborhood. (GeekWire Photo / Monica Nickelsburg)

Another Shenzhen-based developer Shum Yip Group Ltd owns 10 projects covering Shenzhen and Hong Kong, while China Merchant's Shekou Holdings runs a total area of 610,000 square meters of long-term rental houses in Shenzhen.

Apart from focusing on middle-income earners, China's millennials will have more purchasing power because many of their parents not only own an apartment but are not weighed down excessively by accommodation or mortgage concerns, said Ma Yu, a researcher at the Beijing-based Chinese Academy of International Trade and Economic Cooperation.