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"China is a major factor in the international economy; no one can really imagine international growth that is sustained without Chinese economic growth," said Rice, who also has served as US national security advisor.

"China has a vision for the future and has found support along the Belt and Road," said Mei Yan, Brunswick Group's chair of China. "Now, the developed world must take into account the reality of China as a leading economic and technological power."

"China has been consistent and clear about this all along," he added.

"By setting up the new base, TCP hopes to better enhance its marketing and research and development capabilities by better understanding the needs, habits, and preferences of Chinese consumers and to develop products to better meet their particular needs," said Yoovidhya, adding that he was hopeful of creating something in China and then introducing it to the world.

"China is now the world's second-largest economy. China has lifted more than 700 million people out of poverty and it has built the world's largest network of basic pension insurance system, which has covered more than 900 million people, and a basic health insurance system covering 1.3 billion people."