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And the capital market also favored the sector. A recent report from Equal Ocean showed that in 2018, China's medical startups attracted a total investment of .7 billion, taking up 7.14 percent of global investment. The figure doubled to .5 billion in 2019, accounting for 11.61 percent of global investment.

Analysts said that by prioritizing quality, China is set to deepen structural reforms, promote the job market, raise people's incomes and enhance environmental protection to try to make growth more sustainable.

Analysts said that deepening legal and administrative reform, transforming the roles of the government in economic activities and creating a level playing field and a transparent business environment hold far-reaching significance as the country's economic expansion decelerates and the economy undergoes a long-term transition toward an innovation- and consumption-driven growth model.

Analysts said since the effect of tightening measures will be felt in first- and second-tier cities this year, lower tier cities are expected to outperform major cities in 2018.

And at the same time, the HKSAR government has a duty to implement and uphold the Basic Law and to ensure all elections will be conducted in accordance with the Basic Law and relevant electoral laws, the spokesman added.