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"China delivered through China's engagement in the international economy, cheaper goods to the world which we all benefited from. Our living standard in Australia has been lifted dramatically through this process," he added.

"China is the largest market for a string of consumer electronics, but the sales of its PC market is just two thirds of that of the United States, signifying that there is still a big potential for growth in the country," Yang said.

"China is committed to fostering an open world economy and upholding the WTO-centered multilateral trading regime," he said, stressing that China is committed to making globalization "more open, inclusive, balanced and beneficial to all."

"By concentrating on selling online, foreign FMCG companies have gained traction in China without the need to build a complex physical route to market model," said Jason Yu, managing director of Kantar Worldpanel Greater China, who is also a co-author of the report.

"China grew revenues 30 percent in the first quarter, with the strategic acquisition of East China positioning us to accelerate our growth in the key China market," said Kevin Johnson, president and CEO of Starbucks. "Today, Starbucks has two powerful, independent but complementary engines driving our global growth, the United States and China."