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China's travel firms, including online-and-offline entities such as Ctrip, are using high-tech to enhance their customer communications, so as to entice travelers into booking trips.

China's vast and fast-changing consumer market has driven retail companies to innovate. Carrefour has worked with China's internet giants of Meituan, JD and Ele.me in its digitalization of retail service and logistics, said Yu.

China's tech powerhouses have been pouring billions of dollars into setting up AI laboratories and poaching talents from their foreign counterparts.

China's upward movement was driven by improvements in its enterprise conditions and in the living conditions of its residents, the report said.

China, now in a better position to handle any contingencies in the future, remains an important engine for global growth. Its market is still huge, inclusive and open where wise foreign enterprises have every reason to stay rooted and seek further development.