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"China's private economy will see better development opportunities," Qu said.

"Compared with digital album consumption, users who buy exclusive membership services should be the main force for bolstering the music payment industry," said Chen Xianjiang, founder of ReChord, a music information portal, adding that the proportion of users who are likely to purchase a monthly or yearly membership is rising.

"China's various licensed financial institutions had total assets under management of 100 trillion yuan at year-end 2017. The regulation prohibits unlicensed entities such as internet platforms from originating and distributing asset-management products," Zhu said.

"China will penalize seriously according to law any activity that investigation shows has indeed violated the resolutions," Geng said.

"Companies need to focus on refined operations as well as seeking new ways to turn profitable. They should try to reduce the cost, improve the efficiency, improve the service offerings and provide better user experiences."