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"China has become a strong growth driver for Shiseido and continued to be our largest overseas market for a third consecutive year," Hase explained.

"China and the World in the New Era" was issued by the State Council Information Office, days before the celebration of the 70th anniversary of the founding of the People's Republic of China.

"China and South Korea are close neighbors and should cooperate and work together, both economically and culturally. To develop a modern economy, priority should be given to improving the quality of supply, while well-structured importing will be conducive to improving domestic production supply," said the Hyundai executive.

"China is no longer betting on exports to drive up the economy, cultivating new growth points in technology upgrades, stimulation to domestic consumption and adequate investments in fast-growing sectors in global investment destinations－they have all become indispensable parts for the country to boost its economy," said Wang Huiyao, president of the Center for China and Globalization.

"But the government is able to cope with the challenge of revenue loss by reducing unnecessary spending," Shi added.