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"Chinese are some of the smartest people in the world and very talented. Previously, it was difficult for them to express themselves. But things are changing rapidly here, with young people very productive in new ideas," Garson said.

"China saw a dip in car sales last year, but we think of it as a marker of China's transition into a developed market," said Enno Tang, president and CEO of Continental China.

"China's manufacturing industry and logistics businesses typically shut down a week earlier and later than the official holiday period so employees can make the long journey home to the nation's vast interior," the report explained. "All in, the Lunar New Year can last up to 40 days thanks to the extended travel times and family reunions."

"Cooperation is a foundation for such a community," Yan said. "And culture plays a key factor in influencing international communication and diplomacy." The forum is also to eliminate doubt and confusion about China and contribute Chinese wisdom to the construction of the global governance system, he added.

"Crucially, consumer spending is catching up after a slow start and complementing what has been an industrial-led recovery," the report commented, foreseeing retail spending to get a boost from the Singles' Day shopping festival, which fell on Nov 11.