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"China's well-planned industrial systems and sound infrastructure gives us the confidence to retain foreign companies. We will also work harder to create a better pro-business environment for them and offer higher-quality services," Huang said.

"China's main consumers are young people who persistently pursue beauty, novelty and enjoyable experiences, so it is important for cosmetics brands to look into their needs and innovate accordingly," Cui said.

"China's most important successes rest on strategic planning and decision-making by the central leadership," said Zhang Weiwei, director of Fudan University's Institute of China Studies.

"Considering the fact that government expenditures on social security accounts are more than 20 percent in some countries, such as the United States and Germany, China still has potential to invest more," he said.

"Corporate income tax evasion in the region is especially acute," the agency said, adding that tackling tax evasion should be a priority, as the region lost 5 billion, or 6.1 percent of its GDP in 2018, due to tax noncompliance.