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But, not so fast. China has developed rapidly over the last 40 years, raising hundreds of millions of people out of poverty. But, there's still a long way to go.

By Dec 20, work had started on more than 6 million shantytown apartments, with investment of 1.84 trillion yuan (8 billion), according to the Ministry of Housing and Urban-Rural Development.

By Monday, the city had more than 113,000 waste classification bins and sorting stations, as well as 980 enclosed cleaning stations and small garbage transfer stations for trash sorting, according to the capital's urban management authorities.

But still, Liang said he believed there is much room for growth in the Chinese fashion industry compared to other markets like Japan and Europe.

But the market had expected FIIs to buy much more of yuan-denominated bonds in May.