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"Companies' future business models and their success will depend on how effectively they implement cybersecurity measures," Jain said.

"Chinese shoppers have become more rational, and they are not blindly following the crowd to imitate others. They want products with both commercial culture and consumer mentality," said Pan, adding localization of global brands must keep pace with the times to stay competitive in the fast-changing Chinese market.

"Chinese consumers also favor more high-end baijiu given upgrades in consumption, which has helped increased companies' profits," the report added.

"Counties and townships shall also be included when boosting rural consumption, as they boast enormous potential. High-end consumption in big cities should not be our sole focus," Li said, "County consumption capacity is still modest, yet it will grow and upgrade. Efforts should be taken to adapt to different consumer needs and improve people's lives."

"China would not give up an inch of its territory," he said.