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"Cheap and abundant labor is the most often-mentioned comparative advantage of developing countries. However, this has not been the only reason for the robust development of China over the past four decades," said Fan, also chairman of the China Development Institute.

"China is home to unmanned shelves with customized stock keeping units based on profiling of frequent customers－and facial recognition payment," said Lannes. "It is a market that has leapt beyond the integration of online and offline retail to introduce ubiquitous shopping across a range of consumer touch-points."

"China is the third-largest pet-owning country in the world, and China's pet industry is growing rapidly," said Christoph Vetten, head of Bayer Animal Health Greater China, during the launch of its flea and tick collar product Seresto in Beijing in March.

"By issuing a certificate of deposit, we can give full play to advantages of the interbank bond market to provide low-cost funds in support of the production and operations of businesses actively participating in containing the novel coronavirus outbreak and securing livelihoods. At the same time, we can also ensure the real economy will run steadily," said David Liao, president and CEO of HSBC China.

"But we need to maximize opportunities and minimize challenges by tackling anti-globalization forces to accelerate growth," he added.