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"China is in a very different place today than it was some decades ago and is now in a position of global leadership in the technology sector. That's at the core of China's growth model," said David Firestein, inaugural executive director of China Public Policy Center in the University of Texas at Austin.

"By moving impoverished people out of their previous harsh living environment, the government can stop poverty from being passed down to future generations," he added.

"China is key to our future growth as it currently represents a quarter of our portfolio. The opening of Fraser Place Binhai Tianjin is significant as it underlines our ambitions to grow our presence in China," said Choe Peng Sum, CEO of Frasers Hospitality.

"China and Europe's cooperation on big data will be promising and the two sides should jointly build a better global digital community," Gambardella added.

"China is the world's second-largest economy, and the way it adjusts and adapts to a world where it will have more engagement with different countries is incredibly important."