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"For a lot of people, Chinese beauty reminds them of tradition rather than fashion. Young people may at first feel TCM is not for them, but we have transformed the products in terms of marketing, packaging and product range."

"For us it is of special importance that both women and men can build a career and have a family," she said. "It is only natural that women and men who worry about their future employment are less likely to want to have children. Negative social norms and gender stereotypes, which predominantly affect women and girls, must also be addressed."

"Fuzhou is a new market that we entered and it is quite important. Currently, we have about 40 engineers working at the center, and we will ramp up R&D talents and efforts as we aim to provide more future technology solutions for China and global markets. We are looking to hire more professionals with backgrounds in digitalization," Model said.

"Financing for new projects should be better controlled," said the report, highlighting that financial institutions are forbidden from providing capital for projects without a stable cash flow or legal guarantees.

"Foreign companies know that if they want to make money in China, they must follow Chinese laws and maintain good relations with Chinese customers," Zhu said.