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"China has made tremendous progress in the culture and creative industry over the past 40 years — especially in the areas of design, fashion and modern art," Howkins said.

"China has an aging population and declining birthrate, making it more important for people to build wealth and plan for their retirement. That means they will have to make a shift from savings to making more financial investments," he said.

"Chen has seriously violated political discipline and rules, has no political faith and has held a distorted worldview," the statement said.

"China is now a fascinating place for foreign investors. I have seen China become much more open toward foreign direct investment," said Khaldoon Khalifa Al Mubarak, group CEO and managing director of the Mubadala Investment Company.

"China is the largest and most dynamic market for electromobility and is playing a key role in the rapid spread of this promising drive technology," ZF Production Director Michael Hankel said in a statement.