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"Competition in the retail market has been intensive and independent oil companies are also expanding their retail networks to compete with the State-owned ones," she said, adding that Sinopec's retail volume fell 3.47 percent year-on-year in the first quarter.

"Chinese consumers are spending increasingly more money on services. Tourism is the mainstay of consumption of services. Tourism is becoming a main driver of China's economic growth," said Sun Jie, CEO of Ctrip, in an open letter in late December.

"Companies usually adjust their pay structure to allow for labor costs and the situation in the market," he said. "But the leverage of skills required and positions available to the job seekers play the key role in pay levels."

"Chinese investment can be instrumental in addressing structural and logistical constraints that impact the competitiveness of African exports," he said.

"China spends more than 0 billion to import chips every year, more than the amount spent on crude oil imports," said Deng, who is also a member of the 13th National Committee of the Chinese People's Political Consultative Conference.