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"Continuous enhancements in the quality of growth are enabling economic prosperity in the long run," said Cheng Shi, managing director and chief economist at ICBC International Holdings.

"China's car ownership is lower than 170 per thousand population, far behind that of the developed countries. With continued improvement in the level of urbanization, as well as the increase in the disposable income and consumption level of rural residents, huge potential lies in the lower-tier cities," Yang said.

"China will not change its fundamental relationship with ASEAN countries," she said. "But as the negotiation for the code of conduct continues, it will inevitably touch some sensitive and complex issues, and new conflicts might occur if these issues are not handled properly."

"Chinese consumers are demanding and looking for an upgrade and they are more willing to spend money on cosmetics and skin care products, and more people are paying attention to the quality of products," she said.

"Chinese mainland people are used to paying for things with their phones, so it will be like home for them," Wei said.