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Apart from its economic and technological progress, China is always committed to creating favorable conditions for building a community with a shared future for mankind, a concept put forward by President Xi in 2013.

Ann Lee believes a country's innovative prowess is a better indicator of superpower status than its gross domestic product.

Anthony Indaimo, partner of international commercial law firm Withers, sees Chinese money still looking for European luxury brands, because Western brands, particularly those made in Italy, are seen as ultra-luxurious with a minimum 30 percent price premium in China.

Apart from the scene-stealing manufacturing investment, the services sector, which accounts for roughly 70 percent of Shanghai's GDP, ebbed 2.7 percent to 609.6 billion yuan, thanks to technology empowerment to help many businesses weather the storm.

Anne Landsman