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"China's National Development and Reform Commission set a minimum domestic production target of 200 million tons for 2020 in the 13th Five-Year Plan (2016-20). Achieving that target requires a 2.8 percent yearly growth in 2019-20," she said.

"Currently, financial risks are one of the most prominent and major type of risks in China … The country is still facing relatively huge pressure for a possible rebound in nonperforming loans, and the inventory of shadow banking activities is still fairly large, with frequent occurrence of law and regulatory violations," said Xiao Yuanqi, chief of the prudential regulation bureau of the China Banking Regulatory Commission, at a news conference on Friday.

"Compared with buying items in a store, clothing rental services allow women to update their look more frequently and wear more dresses that they could not normally afford to buy. So it is truly a business opportunity," she added.

"Chinese consumers also become more willing to pay for digital content and services, such as online reading, digital music, mobile gaming and livestreaming," Liu said.

"China will play a bigger role in fueling global demand and supply," said Shao Yu, chief economist at Orient Securities.