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"China places great importance on science, technology and innovation. The country follows an innovation-driven development strategy, encourages entrepreneurship and innovation nationwide and fosters sustained economic development and higher living standards."

"China has improved across almost all Doing Business indicators over the last decade, but the progress has been particularly impressive during Doing Business 2018-2020, when most Doing Business indicators improved," the report said.

"China continues to transition to a more sustainable growth path and reforms have advanced across a wide domain," the executive board of IMF said in a statement after concluding Article IV consultation with Chinese authorities on the Chinese economy.

"China can benefit greatly from the talents of these proven wealth managers, from both the positive impact their investments can have on the real Chinese economy and through the superior returns generated for Chinese institutions and investors. We want to be a part of the significant growth in China," said McGuire.

"China is our second-largest market, after the United States. Danfoss has benefited from the increasing demand in infrastructure, food supply, energy efficiency, and climate-friendly solutions as the country's urbanization and green transformation goes on," said Kjeld Stark, president of Danfoss China.