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"Chinese consumers also favor more high-end baijiu given upgrades in consumption, which has helped increased companies' profits," the report added.

"China's moves to tighten its credit system are admirably in tune with its efforts to advance reform and opening-up and develop the Belt and Road Initiative with other international partners," said Wang Jun, a researcher at the China Center for International Economic Exchanges.

"China's unprecedented economic growth over the past 40 years is a testament to the importance of an economy embracing global business and international markets. Over the past half century, China has transitioned from a closed, agriculture-based economy to one that is vibrant and deeply connected across virtually every sector in the world," she said.

"China's impressive economic development and Israel's innovative technologies are complementary to each other and present vast potential for mutual benefits," said Ophir Gore, head of the Trade and Investment Mission at the Embassy of Israel in Beijing.

"Compared with the traditional route via the Yangtze River and Shanghai, the new route is a faster way to connect China's inland western region with major ports in the south, saving about 20 days in transport time," said Han Baochang, director of the China-Singapore demonstration initiative's administration committee.