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"Consumption drives economic growth by leading investment. Economic growth can only be stimulated if consumption can be expanded to boost industrial production," said Wang Tongsan, an economist with the Chinese Academy of Social Sciences, a government think tank.

"Continuing uncertainties in the trade and investment environment have dampened the growth outlook across the world, with a likely impact on businesses and jobs, adding to the urgency and imperative of concluding the RCEP (Regional Comprehensive Economic Partnership)," the ministers said.

"Considering the high proportion of small businesses from the Chinese mainland that sell online and utilize other digital technologies, there are opportunities for reputable financial institutions to apply financial technologies and big data analysis to make it easier for small business to access finance," Chan added.

"Competition among global cities lies in both their influence on the world and the opportunities they offer for development. We hope the report sheds light on the governmental plans in technology and talent attraction," said Wang Xueying, associate researcher at the institute.

"China today is roughly where South Korea, Japan were when they began the period of rapid economic growth," he said. "There should be a substantial potential for further convergence."