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Bilateral trade between India and France touched nearly 11 billion US dollars during April 2016 to March 2017. France is the ninth largest foreign investor in India.

Bob Phibbs, a retail expert with more than 30 years' experience and the CEO of New York-based Retail Doctor, said customer response to the change will be crucial.

Bob Berman

Bill Sleeper (Annie Laurie Malarkey Photo)

Both experts said industrial output growth, especially in sectors like equipment and high-tech manufacturing, also demonstrated the Chinese economy's transition toward high-quality development, including advances in smart manufacturing, and growing application of internet and other smart technologies in industrial sectors.