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"Communication is better than confrontation," she said.

"Costco is good at building a loyal shopper base through its paid membership program with low prices and a select number of stock-keeping units. The question is whether they can replicate this in China easily," said Jason Yu, general manager of Kantar Worldpanel China.

"Commercial banks' general asset management business contracted last year, largely due to the newly released asset management regulations. But China's private banking sector grew unexpectedly, leading wealthy Chinese to invest in the country's key sectors to optimize social resources and accelerate the transformation of China's banking industry," said Bai Ruiming, deputy secretary-general of the association.

"Compared to Western consumers, the Chinese are more willing to accept intelligent home facilities, which will absolutely help the development of smart home in China," said Ma from Mintel.

"Cooperation under the BRI involves a broad range of areas, in which participating economies have various policies and standards," Qian said at the second Belt and Road Forum for International Cooperation on Thursday.