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China is Spain's largest trade partner outside the EU. Bilateral trade was over .7 billion last year. The two countries signed an agreement on the third-party market cooperation during Xi's visit to Spain to strengthen their partnership under the framework of the Belt and Road Initiative.

China is the most popular destination in Asia for US students, attracting 11,639 to its campuses, close to the number of US students going to Germany or Ireland, according to the report.

China is expected to continue its dominance in the global luxury scene, said Bruno Lannes, a partner in global management consulting firm Bain & Co Shanghai office, while noting the millennial generation is still the main driving force for the development of China's luxury market.

China is the world's largest source of outbound tourists, according to World Bank.

China has spearheaded the creation of AIIB, and since then, it has attracted more partners, with its current members at 100, Pang said.