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"Compared with my parents' generation, my generation knows better how to enjoy life," Cao said, shortly after preparing for a roadshow at the Zhangjiang Hi-Tech Park in Shanghai's Pudong area.

"Consumers look for high-end consumption environment and experience. They want to eat good food in a pleasant environment, demonstrating upgraded consumption demand," said the report.

"Consumer demand of the 1.4 billion population is changing, and the Chinese people need more imported goods to meet their demands, which means a huge potential for growth," said Victor Gao, vice-president of the Center for China and Globalization.

"Considering the structural price rise, it is unlikely to see China heading for stagflation in 2020," Cheng said.

"China's central bank, the China Banking Regulatory Commission, and the State Council have all taken explicit actions in 2017 to reduce the expansion of debt - especially the mounting indebtedness of State-owned enterprises," said Roach in a recent interview with Xinhua.