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"Compared with judicial work in the 1950s - the primary stage of the founding of New China and the era in which I was born - the changes to the rule of law can be said to be huge," he said.

"Chinese officials have to be talented because they have to go through a rigorous examination system, but the salaries offered in the private sector, particularly in areas such as finance, might be double or triple (those in government). So one area to look at in China is to fast-track top talent and give people higher salaries."

"China's per capita income will continue to rise and supply of quality goods will increase, which will further support consumption upgrading", which in turn will contribute to the country's high-quality development, it said.

"Consumers look for high-end consumption environment and experience. They want to eat good food in a pleasant environment, demonstrating upgraded consumption demand," said the report.

"China's digital transformation has developed at an unprecedented speed, and has created huge and valuable opportunities. The Chinese market has become one of our largest markets globally," said Kang Rong, vice-president of Microsoft China.