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"Crucially, consumer spending is catching up after a slow start and complementing what has been an industrial-led recovery," the report commented, foreseeing retail spending to get a boost from the Singles' Day shopping festival, which fell on Nov 11.

"China's evolving healthcare landscape demands hospitals and labs to do more for less. As such, more innovative diagnostics solutions are needed. The launch of Abbott's Customer Experience Center does not only help laboratory physicians gain access to the most advanced testing instruments, it also improves the skill sets through continuous trainings. So eventually patients can get better diagnostic service and treatment", said Mr Pan Baishen, president of Chinese Society of Laboratory Medicine; Director of Laboratory Medicine and Researcher of Zhongshan Hospital, affiliated to Fudan University.

"China's venture capital firms have already invested heavily in consumer-oriented businesses over the past 10 years. It's high time they better tap into opportunities brought by the enterprise market. And the investment in robotics technologies, such as a variety of sensors, can help fuel the emergence of 'little giants'," Ren said.

"Chinese companies, especially those in the high-tech sector, need to work closely with overseas companies in their going global strategy," said Gong.

"Chinese consumers, especially the millennials (those born in the 1980s and the 1990s), want to enjoy life ... they are quality-conscious and care about their individuality, and when it comes to shopping, they prefer premium brands," he said.