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"From the signed investment entities of central enterprises, state-owned enterprises, and private enterprises, the number of private enterprises hit 81, which accounted the 75 percent of all projects," Ngapo Jinyon said.

"Global recovery creates good conditions for China. Chinese government appears ready to raise the anchor and set sail. We sense a tilt in the balance toward faster reforms in 2018, which marks the 40th anniversary of reform and opening-up," said Ding Shuang, chief Greater China economist with Standard Chartered Bank.

"For major State-owned power generation enterprises, although they can consider investing in the traditional coal power sector, short-term power surplus means higher investment risks. Companies need to consider more about acquiring existing power plants rather than building new ones, and consider market integration in the target area to increase market share," said the report by Capgemini.

"Further debt-funded investment may mitigate economic stress in the short term," said Amanda Du, an analyst with Moody's Investors Service. "However, the challenges associated with structural rebalancing will become more prominent, and fiscal stress from the coronavirus and the associated economic slowdown will remain high over the long term."

"Generation Z are becoming the new driving force for the industry," said Zhang.