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"China will enter a new developmental phase and will use new ideas to create new opportunities that can further facilitate a more open dual circulation," he said.

"China's foreign exchange reserve is expected to remain generally stable in 2019, due to the sound economic growth momentum in the long run. It is able to trade off external shocks and market fluctuations, and maintain cross-border capital flow stability," said Wang Chunying, the SAFE spokeswoman.

"Chinese consumers, especially millennials (those born in the 1980s and 1990s), want to enjoy life ... they care about their individuality and love to travel, and when it comes to shopping, they have unique tastes. To woo them, we have brought iconic fashion including street styles and premium sports brands to them," Israel said.

"China's central bank will likely maintain the current policy to allow the yuan's exchange rate to move at a reasonable level," said Yeung. "China will not and has no intention to push for competitive depreciation."

"Consumption now contributes more than half of China's economic growth, and the domestic market is growing faster than that of many developed economies," he said.