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"China is doing everything right. A lot of innovation will come from the country in the future. It won't take long."

"China is definitely a highly dynamic market for luxury brands. Growth momentum is largely seen coming from the country," Zhang said. "With the younger Generation Z consumers shaping up to be the backbone for luxury brands, their desire for socializing, interaction and sharing are propelling us to delve into the realm of social retail."

"But the global pandemic and economic situations are grim and complex. The task of preventing a rebound in infections is still arduous, and poses risks and challenges to China's economic development."

"China has the most complicated traffic scenarios in the world, so the BMW Group's automated driving R&D in China has become an important part of autonomous driving development worldwide," the German carmaker said in a statement.

"China has the advantages in manpower, materials and financial resources, while Singapore has rich experience of operating in many countries along the Belt and Road not only in Southeast Asia, but also in South Asia and Africa," he said.