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And the retail association isn’t the only one taking shots at Amazon.com this holiday season over the app. In a post titled “Amazon’s latest dick move,” The Stranger used some colorful language to encourage shoppers not to use the Price Check app.

Analysts say the push to make cities smarter is in line with the country's advocacy of high-quality development.

Angel Gurria, secretary-general of the Paris-based Organization for Economic Cooperation and Development, said he has pinned high hopes on China's reform agenda, which is people-oriented to deliver a better life for millions. "Every year I have traveled to China two or three times, and I can tangibly feel the impacts of China's reform agenda," Gurria said. "I particularly feel impressed by China's poverty-reduction efforts, which have year-by-year targets."

Analysts expect that the industry will continue the upward trend this year, thanks to support policies from the government and robust demand for health insurance and endowment insurance products.

Analyst Neil Saunders, managing director of GlobalData Retail, said that "while the company is still viable, doing business has become far more challenging and these problems will only increase."