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China-CEEC cooperation will accelerate promoting trade liberalization and investment facilitation, as well as Europe's process of integration, he said.

China's plan for a new type of urbanization will generate higher consumer demand from a larger section of residents. As the focus of consumption upgrade shifts to lower-tier cities and towns, the room for growth will hopefully increase for a greater number of cost-effective domestic brands, Cheng said in a research note on Nov 20.

China's sharing economy is developing rapidly as the government promotes the use of technology to leapfrog the brick-and-mortar economy.

Chinese Foreign Minister Wang Yi (2nd R) meets with US Secretary of State Rex Tillerson (2nd L) at the UN headquarters in New York, April 28, 2017. [Photo/Xinhua]

Chinese Ambassador Wang Shiting believes China is one of the biggest foreign direct investors in Malawi: "This year marks the 10th anniversary of relations between Malawi and China. The development achievements between the two countries over these 10 years are visible for all to see.