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China's shift to "dual circulation", as President Xi has pointed out, does not mean the country will close its door to the outside world. Instead, a more mature and brisk domestic market will do nothing but contribute to the world economy.

China's policymakers have vowed to ensure the stable and healthy development of the property market, repeatedly emphasizing that homes are for living in, not for speculative investment.

China's retail market is seeing fast-growing small brands, which are doing an impressive job of serving specific consumer needs, responding in everything from research and development to digital marketing with agility and flexibility, said Jason Yu, general manager of Kantar Worldpanel Greater China.

China's service trade posted a deficit of 9.5 billion, up from 7.3 billion in H1. The spending on trips, transport and intellectual property rights contributed to the bulk of the deficit.

China's successful economic growth over the past decades has not only accumulated wealth, but also improved the competitiveness of companies, which he believes "the Western companies and particularly American companies would not have thought could go so far."