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"China will continue to raise policy transparency and stability, optimize government services and improve the business environment for investors from all around the globe," he said.

"Chinese consumers, especially the post-85 and post-90 generations, have a broader vision and mindset," said Angelo Giardini, senior vice-president of Dairy, Ice Cream, Confectionery and Industrial Solutions at Nestlé China.

"Competition among global cities lies in both their influence on the world and the opportunities they offer for development. We hope the report sheds light on the governmental plans in technology and talent attraction," said Wang Xueying, associate researcher at the institute.

"Citibank's global network will allow us to come up with comprehensive solutions that can help the Shanghai FTZ companies to connect the domestic and overseas markets. In this sense, we are also making our contribution to advance the exchange between onshore and offshore markets, as well as the internationalization of the renminbi," she said.

"China today is also a major economic power and is open to working with the United States to resolve trade and market access issues, but not through intimidation," he said.