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Chinese believe that Ethiopia and many African countries have the potential to repeat China's economic miracle while avoiding all the mistakes China made in the past four decades.

Chinese companies are now attaching more importance to localized management and organic growth in the domestic market, which will naturally translate into a global status, rather than focusing on growing international market share via mergers and acquisitions, said experts from JPMorgan.

Chinese leaders have reiterated on different occasions that the country will avoid beggar-thy-neighbor policies and not use the exchange rate as a weapon to solve trade issues. Instead efforts will be more on enhancing the macroeconomic policy coordination with other countries.

Chinese policymakers have been walking a tight rope between curbing risks and capital outflows with opening up the country's financial markets.

Chinese buyers have started to add their chosen goods to shopping carts in the countdown to midnight when promotions begin. Overseas buyers are also participating in the world's biggest retail event.