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"China will continue to maintain steady momentum, advance structural reforms, promote high-quality economic development and seek progress," said the senior official.

"Cities in the Yangtze River Delta often have a temperature of around -10 C in winter," he said. "Because of the high humidity of the air, people feel that it's even colder than the actual temperature is."

"Chongli has turned itself into one of the best skiing destinations nationwide. With high-speed rail greatly improving transport connectivity between Chongli and the capital, its development will no doubt move up a giant notch," he said.

"Current indicators suggest China is especially suited for widespread adoption of autonomous vehicles," said Ting Wu, partner in McKinsey's Shanghai office and co-author of the report.

"China should further streamline VAT brackets to encourage fair market competition, which in a sense reduces taxes for many enterprises," Liu said.