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China's brandy production though is in its early days. Dozens of domestic wine companies produce brandy and only a few of them are in scale. Around 139,300 tons of brandy were produced in China last year, CADA said.

China will push for adopting fully online procedures for starting a business in order to further reduce the time required for setting up an enterprise to no more than four working days, said the circular.

China's Foreign Investment Law, adopted in March, is a positive step forward, Collins said, adding that the company has been encouraged by it. "We are working to understand the law and make sure we are able to follow all of the elements in it."

China's AI industry has developed rapidly in recent years and it aims to become a global leader in the next 15 years.

China will have a continued high demand of single-aisle airplanes and need 6,450 single-aisle aircraft by 2039. Also, 1,590 wide-body aircraft are expected to be delivered to Chinese carriers in the next 20 years. With slower recovery of long-haul international routes, the demand for wide-body planes is 4 percent down from last year's forecast, Boeing said.