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"Given the scale of China's economy, the direction and policies being set are very significant beyond China－in the regional and global economy," she said."With the challenges facing the world at the moment, it is encouraging to see China's economy still forecast to grow in 2020－one of the few large economies to do so."

"For European companies, the treaty will help create a better investment climate. It will also drive a more balanced economic relationship between China and Europe," Vinck said.

"For the Chinese mainland, spending has been lower," the Global Powers of Luxury Goods 2017 report stated. "But demand remains steady among the middle class as they continue to buy better quality products and showcase their social status."

"For example, sales of instant noodles slowed in the past years. So, some companies invested in innovation and revitalized their product portfolio. They launched high-end versions to meet consumers' needs. That should explain why high-end instant noodles saw faster growth, while sales of low-end versions didn't grow as fast."

"Hainan differs from Hong Kong in location and industry focus, playing a complementary role instead of competing with Hong Kong," Lin stressed. "We should give full play to Hainan's advantages like rich natural resources, unique geographical location and the vast domestic market and hinterland, focusing on the development of tourism, modern services and high-tech sectors."