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China's research and development recorded a 20 percent increase when compared with the same period last year, higher than the world's average growth rate of 8.3 percent.

Chinese Premier Li Keqiang co-chairs the 25th regular meeting with Russian Prime Minister Mikhail Mishustin via video link at the Great Hall of the People in Beijing, capital of China, Dec 2, 2020. Chinese Vice Premier Han Zheng, who co-chairs the China-Russia Investment Cooperation Committee and the China-Russia Energy Cooperation Committee, attended the meeting. [Photo/Xinhua]

China's total consumption amounted to 9.78 trillion yuan (.45 trillion) during the first quarter, up 8.3 percent year-on-year. Only two coastal provinces, Zhejiang and Fujian, figured in the Top 10 regions in terms of consumption. Beijing, Shanghai, and Guangdong－home to the two top-tier cities of Guangzhou and Shenzhen, all failed to make it to the Top 10 list during this period.

China's treasury cash is held at the PBOC, the country's central bank, but commercial banks also look after a part of the savings in the form of short-term deposits. Eligible commercial banks compete through a tender process for the right to take on the deposits.

China's rapidly expanding consumer market -- confident, increasingly rich and sophisticated, and willing to experiment -- offers a strong link between China and the world. It is not only the prime engine for economic growth but is a huge opportunity for international businesses, according to the report.