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"Financial technology is at core of our work at the current stage … We are trying hard to learn from fintech companies in terms of infrastructure construction, the integration of information technology and banking business, the building of innovation mechanisms, and the restructuring of human resources to hire more talents specialized in digital and information technologies," said Chen at a news conference in Beijing.

"For the majority of our customers－those born after the 1990s－they spend money not just for the product per se but for a change of lifestyle. So what they really value is the experience that a brand can bring."

"Hainan will become an important meeting point for talents, logistics and capital flows, and then become an important node for global resource allocation. In the past six months, well-know enterprises at home and abroad, such as Swiss Re Group, Temasek Holdings, Alibaba Group Holding Ltd, Baidu Inc, came to Hainan, bringing numerous good jobs to young people," Shen Xiaoming, governor of Hainan, said.

"Hainan has all sorts of flowers, but no peach blossoms," said Wang, who posed for a selfie against the blue sky and distant snow-capped mountains. Tibet's exotic culture and stunning landscape, at altitudes averaging 4,000 meters, proved too hard to resist, and they planned a two-week holiday in the region.

"For example, our index agrees with both the Barclays and the Bloomberg indices in estimating Chinese growth to have been around 11 percent in 2007, and not to have experienced a substantial spike before the financial crisis, while the official GDP series records growth as spiking from 12 to 15 percent between 2005 and 2007. However, our predictions for current Chinese growth rates are above those of market participants, as well as of the Chinese government itself," the report said.