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"Considering the fact that government expenditures on social security accounts are more than 20 percent in some countries, such as the United States and Germany, China still has potential to invest more," he said.

"Chinese consumers, especially millennials (those born in the 1980s and 1990s), want to enjoy life ... they care about their individuality and love to travel, and when it comes to shopping, they have unique tastes. To woo them, we have brought iconic fashion including street styles and premium sports brands to them," Israel said.

"China values very much our regular monetary and fiscal policies. We will not pour cash into the market or adopt monetization of financial deficit. Negative interest rate will neither be implemented," he added.

"China's experience provides valuable lessons to authorities in other countries which are fashioning their own pathways toward sustainable and long-term financial inclusion," it said.

"China's economy continued its rapid rebound last quarter, with the recovery broadening out and becoming less reliant on investment-led stimulus," CNN quoted a research note written by Julian Evans-Pritchard, senior China economist for Capital Economics, as saying.