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"China remains the only one of the BRICS countries that after 17 years has actually done exactly what we had expected it would achieve," he said.

"China's input on research and development rose to the second highest in the world in 2017," said Wan, adding that the number of full-time research and development personnel in China now ranks the highest in the world.

"Consolidation and standardization will take place in the short to mid-term through the proliferation of e-commerce platforms ... business-to-customer e-commerce presents high growth potential, especially for on-demand maintenance products and auto accessories," he said.

"China's digital economy has scaled up from 11 trillion yuan to 35.8 trillion yuan, accounting for 36.2 percent of the GDP," Xiao added.

"Chinese consumers have shown growing awareness of their health conditions since the outbreak of COVID-19 earlier this year, and they have indicated a higher recognition of TCM. Besides, the government is increasing its support of the TCM segment ahead of the country's Healthy China 2030 initiative," he said.