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"Currently, we are setting up international joint research centers with Oxford University and the University of Birmingham," Cao says.

"Currently we have a new product in its final development stages which will improve the immune system. We aim to make this available to New Zealanders and to export to other countries," he said.

"China's young luxury consumers are more interested in aspiration than heritage, making it imperative for brands to modernize their stories and deliver them through digital channels," said Luan Lan, partner and leader of McKinsey's apparel, fashion, and luxury group in China.

"Cosmetics brands have also innovated continuously to attract consumers who like to follow the latest fashion trends or reward themselves with beautiful items, try on new products or make repeated purchases," Jin said, adding that some 59 percent of consumers have many lipsticks that they have not used.

"Composed by new industry, new formats and new models, China's new economic driver is expanding, unleashing the vitality of the economy and supporting its high-quality development," said Lyu Haiqi, an official with the National Bureau of Statistics.