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"Chinese consumers want to try something different and feel like they are sophisticated and part of the global elite. That's what Starbucks gives them. That's what Western brands need to tap into," he said.

"Cultural products with higher quality will naturally find outlets in overseas markets and eventually be accepted all over the world. Japanese artists who gained fame in the Western markets in the 1980s and 1990s are proof of such outbound trajectory," he said.

"Consumption now contributes more than half of China's economic growth, and the domestic market is growing faster than that of many developed economies," he said.

"Chinese luxury-brand consumers are younger than Bulgari's consumers worldwide. Compared with European consumers, Chinese consumers are exposed to luxury brands at a younger age. The average age of our Chinese consumers is between 25 and 35, while the age of European consumers ranges from 34 to 45," Babin added.

"China's private businesses continued to take on sound development momentum in 2017," ACFIC Vice-Chairman Huang Rong said, adding that they have steadily optimized their industrial structure with greater contributions to society.