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China imported more than 53 million tons of LNG last year, reaching a new historic high by accounting for 60 percent of total natural gas imports, Zhang Jianhua, head of the National Energy Administration, said earlier. The country has also been stepping up construction of its LNG infrastructure facilities in recent years.

China is now home to four fintech unicorns－starups whose valuations have grown to billion and above.

China has seen significant improvement in its business environment in recent years, said Lau.

China is rich in geothermal energy resources, with the Tibet autonomous region, and Yunnan and Sichuan provinces considered the best among them. The country plans to boost geothermal energy generation in these areas.

China is formulating a new development paradigm and the country's recent proposals for the next five-year plan and its development goals for 2035 reflected the changing and challenging environment, they said. These will effectively utilize the Chinese government's capacity to comprehensively coordinate macroeconomic policies to pursue high-quality growth and structural reform on the supply side, they added.