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"But serving these consumers requires understanding how they are different from their top-tier city counterparts, and then crafting offers that meet their needs," said Wang of McKinsey.

"China has improved across almost all Doing Business indicators over the last decade, but the progress has been particularly impressive during Doing Business 2018-2020, when most Doing Business indicators improved," the report said.

"By 2035, the country's per capita GDP will reach the level of moderately developed countries, which means that China will successfully cross the middle-income stage," said Vice-Premier Han Zheng in a bylined article commenting on the proposals for formulating the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035.

"But the magnitude of adjustment should be well managed," said the statement, which indicated that the "prudent and neutral" general monetary policy tone has not yet been changed.

"China is a major factor in the international economy; no one can really imagine international growth that is sustained without Chinese economic growth," said Rice, who also has served as US national security advisor.