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As cloud services become more of a commodity, Amazon believes it can continue to compete on price.

As for blockchain and digital currencies however there remain disputes as to their applications, with the most important issue to be addressed being the security of users' private information.

As a result, the company's sales have fallen drastically. Last year, it sold just 230 ATMs, a year-on-year decline of 89 percent.

As banks face lower costs of funds after the cut, they may lower the quotation rates for the formation of the loan prime rate - the newly introduced lending reference rate, lowering corporate borrowing costs and boosting earnings as a result, Zhang said in a report.

As early as during the Asian financial crisis in late 1990s, China had already started to realize the importance of domestic demand. Back then, the crisis dampened China's export sector and the country had to struggle to stimulate domestic demand to expand its economy.