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"Clients are looking to cut costs and, instead of designing products themselves, they are outsourcing it to Chinese companies," Ma told China Daily. "Design costs are high in Europe and the US."

"Compared with many countries, the third pillar has seen relatively slow growth in China, taking up a low proportion within the whole pension system and providing far from adequate support for retirement funding," Guo said at the Annual Conference of Financial Street Forum 2020 in Beijing in October.

"China will work to optimize the mechanism to attract investment in the services sector and promote the creation of a global alliance for trade in services … the Ministry of Commerce will release the negative list for cross-border trade in services by the end of this year to support further opening-up in the sector," said Xian Guoyi, head of the department of trade in services and commercial services under the Ministry of Commerce.

"Chinese companies have demonstrated great determination to digitize their organizations against the current complex business environment," said Zhu Wei, senior managing director and chairman of Accenture China.

"China's urbanization has been further advancing along with the development of the Belt and Road Initiative. It began in coastal areas and eastern city clusters, and then extended to China's midwest regions, leading to the rapid development of a host of lower-tier cities," said Ding from Nielsen China.