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Analysts said the recent tensions merely reflect a more independent ROK flexing its political muscle.

And without binding multilateral rules, policy contests in the context of the new industrial revolution are likely to evolve into a beggar-thy-neighbor disorderly rivalry that ultimately undermines effect of the new industrial revolution in boosting global economic recovery.

Analysts see the upward trend continuing. Another market research company Gartner predicted that worldwide shipments of wearable devices will reach 225 million in 2019, up 25.8 percent from the figure in 2018 and driven chiefly by markets including China.

And these numbers are set to rise dramatically; the companies operate in a handful of the capital's 32 boroughs but are in talks to launch in several more. Ofo's ultimate goal is to grow its London fleet to 150,000 bikes, according to company co-founder Zhang Yanqi.

And rising demand for such exclusive services and high-end products is a clear sign that China's consumption upgrade is gathering steam, experts said.