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As a result of these changes, Citi China has lowered operating costs for its card business. The bank also expects to see its consumer franchise revenue growth hit double digits over the next three to four years, according to Buckley.

As an emerging market player that rivals Starbucks, Luckin Coffee started trial operation in January this year, selling coffee at brick-and-mortar stores while also delivering products by online orders.

As an SEZ, Shenzhen was developed into a hub for manufacturing and international trade and has offered tax incentives to foreign investors. It has also encouraged entrepreneurship and innovation, and in the process created some of the world's most renowned companies including Tencent, Huawei, ZTE and drone manufacturer DJI.

As cited by the European Commission in its virtual summit with President Xi Jinping, focusing on the advancement of an investment treaty and sustaining mutual agreements on market access must remain a priority.

As a demonstration project in China's "going global" strategy, the China-Laos railway is an achievement in Sino-Lao cooperation under the BRI, which aims to build a modern-day Silk Road connecting economies in Asia, Africa and Europe by land and by sea, he said.