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"China's economy is also at a crossroads. We could get either sustained growth or massive risks breaking out," Chen said.

"China will further open up some non-convertible items under the capital account, and those already convertible will see tradings more liberalized," said Pan Gongsheng, deputy head of the People's Bank of China, at a forum in Shanghai.

"Continuous innovation and reliable quality are the foundation for brand survival, and the power for long-term development," said Yan Kesheng, vice president of Xiaomi.

"Chinese shoppers, in particular those born in the 1980s and 1990s, love living a comfortable life ... they like traveling, care about their individuality, and have different pursuits to match their lifestyle," said He Xiaoqing, global partner at A.T. Kearney, the US-based management counseling firm.

"China's life expectancy is rising dramatically and it has now surpassed some high-income countries," World Health Organization (WHO) spokeswoman Alison Clements-Hunt once told Reuters.