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"China's strategy now is to shift to more intensive rather than extensive growth and that transition will deliver more prosperity, both in China and abroad," said Fredrik Erixon, director of the Brussels-based European Centre for International Political Economy.

"China's economic restructuring can be seen in the rising contributions of consumption and services to GDP," he said, adding strong domestic consumption has not only strengthened the country's markets but also stimulated both multinationals and domestic companies to shift the emphasis of their operations from 'Made in China' to 'Made for China'.

"Combined, the total value of these product exports was just over billion in 2017. It is a stable market for our products, consistently importing about billion each year," Sothmann said.

"Currently, the ratio of the company's premium income between motor insurance and non-motor insurance is approximately six to four," Sa said. "In the future, the industry will see a balanced development among these two types of insurance."

"China will encourage private forces to open online education institutions and will support internet firms to meet emerging education demands," the guideline said.