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Chinese consumers are some of the most discerning consumers in the world. They are the "now" generation－they want everything now. So, as a brand, to succeed here, you really have to be able to communicate with the Chinese consumers in real time.

Chinese born after 1990 will shape the future luxury market as they "have significant spending force as proud and empowered impulsive buyers", according to the report.

Chinese monetary policy may remain relatively tight in the near future, as cutting the debt ratio will remain one of policymakers' priorities aimed at controlling financial risks, a leading economist said on Wednesday.

Chinese authorities decided early last year to crack down on illegal property financing activities as part of efforts to curb real estate market speculation.

Chinese automaker Weltmeister will launch a new car next year equipped with Apollo's level four autonomous valet parking technology, allowing people to park and summon the vehicle autonomously. Vehicles at L4 can complete all driving operations independently.