"We have managed to revitalize intangible cultural heritage. Now, it's all about branding and adding value," Wang said. "We can surely go further once standardized products with the characteristics of traditional Chinese culture are in place," she said.

Song Junhua, director of Sun Yat-sen University's Institute of Chinese Intangible Cultural Heritage, said such heritage is primarily a dynamic culture, which is key to harnessing its significant modern-day impact.

He has noticed four trends in achieving the potential of intangible cultural heritage through innovation.

"The first is to transition from innovation in intrinsic function to innovation in derived functionality," Song said.

"For example, our Chinese New Year paintings traditionally served the purpose of bringing good luck during Spring Festival. Now, they serve additional functions, such as being used for art collections," he added.

The second trend features innovation from the public, which can be applied to various aspects of life, Song said.

The other two trends are a shift in innovation from the product itself to the entire production process, and integration of the internet, digitalization and virtual reality, he said.

"While preserving intangible cultural heritage, it is also crucial to understand the perceptions of the communities and groups who are the custodians of this heritage," Song said.

"This is an ongoing and dynamic balance. If we can prioritize people's desire for a better life and cater to their needs, we consider such changes to be appropriate."