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"Developing in China is not merely for growth. As China spearheads the world in innovation, doing business here has contributed and will contribute greatly to our continued growth globally," said Naoko Hase, head of the corporate strategy division at Shiseido China.

"Demand and supply in the manufacturing and services sectors recovered simultaneously in June. As the COVID-19 pandemic dealt a bigger blow to services, the sector has staged an even stronger recovery than manufacturing," said Wang Zhe, a senior economist at Caixin Insight Group.

"Even though many global companies previously adjusted their global production plans based on factors such as operational cost and stability of supply chain, we have seen both goods orders and investment flowing back to China in recent months," he said.

"E-commerce in China is dominated by aggregator platforms such as Alibaba, and the power dynamics skew in their favor," he added. "They are free to impose rules on promotions or create ad-hoc huge sales operations that brands must participate in if they want access to the pool of consumers."

"During the process, we must learn from international practices, set out plans in line with the strategic position of Hainan, underline reform and innovation and stick to bottom-line thinking," Fu said at a news conference in Beijing on Thursday.