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China is also spending big to cultivate a strong homegrown chip sector to reduce reliance on foreign companies. A string of local players such as Tsinghua Unigroup and Fujian Grand Chip Investment Fund are scrambling to beef up chip design and manufacturing capabilities.

China is screening a third batch of centrally administered State-owned enterprises (SOEs) for mixed ownership reform, officials of the country's economic planner said.

China is currently the second-largest market for American Standard, and is on track to become its largest market.

China is the largest market for Starbucks after the United States. In May, Starbucks held its first China investors meeting in Shanghai with a goal to focus on "enhancing its immersive, coffee-forward approach to elevating the third place, building deeper customer relationships in digital and extending the Starbucks Experience to the on-the-go and at-home consumers."

China is Australia's largest source for foreign university students. They spent an estimated AU billion last year.