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"China has been one of the six global research and development hubs for L'Oreal Group. Our goal is to innovate in China, for China and to inspire the world," he said.

"By 2023, we expect to see the deployment of hardware and software combinations that together create more trustworthy and secure IoT systems."

"China is undoubtedly a leader in the sharing economy, which is closely integrated with the digital economy and undoubtedly one of the key innovations in recent years."

"China has a high savings rate. It used to be a huge advantage, but we'll lose that advantage if borrowing grows faster than savings," he added.

"China has been the only country that is able to manufacture a wide range of industrial products. In fact, China was the world's largest manufacturing country for over 220 out of 500 kinds of major industrial products," he said.