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"But, China has been facing an asset shortage problem since 2015 in terms of high-return and low-risk products," notes Sun, adding that developing competitive and innovative products with stable returns and low risks, plus educating investors, are crucial for asset management companies.

"China is increasingly amongst the leaders in global innovation and branding," WIPO Director General Francis Gurry said.

"China looms very large in the scheme of things for everything that goes on in the world. If you don't have a relationship with China, there is not much of an ability to do anything," Pardy said in the letter.

"By establishing such financial services and other facilities in culture, trade and big data, we are aiming to develop the Guangdong-Hong Kong-Macao Greater Bay Area into a world-class bay area and forge a top international city cluster in the Pearl River Delta," said Wen Guohui, mayor of Guangzhou.

"China is a top priority for Levi's and we see a huge potential and a huge long-term opportunity. In China, our performance was positive but it remains far from its potential. With China expected to be the top luxury market with over 40 percent of the global consumption by 2025, we are very excited by the opportunity," Yang said.