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"But those who survive will be very excellent, just like the survivors in the mobile phone sector."

"China has an aging population and declining birthrate, making it more important for people to build wealth and plan for their retirement. That means they will have to make a shift from savings to making more financial investments," he said.

"China is Estonia's largest export market in Asia. In the first half of this year, Estonia's exports to China increased by 22 percent year on year," he said.

"But still, bilateral trade has been growing so fast. It has benefited both countries. As people do more bilateral trade and investment with each other and there is more and closer contact between each other, competition will also increase. This is just a fact," he said.

"But now, more people with one child realize that the testaments can also be used to avoid family property losses if they die unexpectedly."