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"Chinese consumers are trading up to higher-quality products," Jeff Walters, BCG managing director and co-author of the report said. "Digital technology is one of the underlying drivers that will continue to spur purchases."

"China's 40 years of reform and opening up have brought unprecedented historical opportunities for enterprises to achieve innovation and development. Xylem, on the basis of China's national conditions, has seized the opportunity to expand business and achieve win-win progress with Chinese partners through cooperation," said Lv.

"Cigarette smoking produces more than 50 harmful substances that will cause cancer," said Wang Ke'an, director of the Think Tank Research Center for Health Development, a nonprofit health research organization.

"Consumers can either choose installments of three, six, nine and 12 with zero down payment, and the monthly service charge is as low as between 0.6 percent and 0.9 percent," said Zhou.

"Commercial banks are suggested to better recognize and assess potential risks. Under a marketoriented interest rate system, they need to set prices of financial products based on different risk levels," said Xu.