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"China-Latin America cooperation does not target nor exclude any third party," Qiu said.

"China was the good surprise of the past year with a sharp increase in our exports," said Jean-Daniel Pasche, president of the Swiss Watch Industry Federation, adding the market still presents a "strong potential for growth".

"Consumers need more than just a good location and fast food. They want outstanding experiences across all channels, be it eating at the restaurant or in delivery services," she said.

"Chinese customers have very deep trust in key opinion leaders (or KOLs) and this psychological bond can be partially explained by the pseudo-intimacy created by social media," she said. "Social media make you feel like influencers are friends as you know who they are in real life, thanks to the details of their daily lives shared through Weibo, WeChat and live streaming apps."

"Companies that back their brands with the power of creativity and ideas will be the winners in today's world of innovation and change, and China excels in this respect," said David Roth, chairman of BrandZ and BAV Group, which are subsidiaries of WPP.