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China's fast-moving consumer goods (FMCG) consumption remains robust against downward economic pressure, while transformation in retail models is picking up pace, according to the latest China Shopper Report from global management consulting firm Bain & Company and shopper behavior observer Kantar Worldpanel.

China's leadership has announced a series of measures to expand opening-up and has moved ahead to lower the import tariffs on vehicles and auto parts, anti-cancer drugs, and daily consumption goods, and to eliminate specific measures such as restrictions on the proportion of foreign ownership of banks and financial asset management companies. The country's initiatives in opening up the market have greatly reduced or even eliminated the doubts of the international community regarding the prospects of economic globalization, and have also injected new dynamism into the recovery of the world economy.

China's oldest, much-loved brands, which seemed set to die a natural death not long ago due to the onslaught of e-commerce and modern competitors, may yet survive and thrive again.

China's economic growth amid the pandemic is leading the world, and global chief financial officers have upgraded their outlook for China's economy to "Modestly Improving" in the fourth quarter of the year from its third quarter rating of "Stable," according to a recent survey conducted by the CNBC Global CFO Council.

China's economic data in July, such as retail sales and fixed-asset investment, weakened compared with June, while its consumer price index rose to 2.1 percent in July, up from 1.9 percent in June, according to data by the National Bureau of Statistics (NBS). Recent rises in food prices in many parts of the country have triggered concerns that consumer inflation may strengthen further in August. The NBS is scheduled to release CPI data next Monday.