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"Children have now become taller after their lives have improved, compared with the lives their parents and grandparents had decades ago," Wang said.

"China is now pushing the better distribution of wealth among people and the development of its inland," said Svedberg, adding that China's emphasis on building infrastructure to support development is "very impressive."

"But the US dollar remains the wildcard. If and when the greenback strengthens again, the renminbi will come under renewed pressure, reigniting capital outflows. Then we cannot rule out a further clampdown on outflows, in order to safeguard foreign exchange reserves," he said.

"China is everywhere in the media today. Being a player globally, China grows rapidly," said Beck, who was Canada's consul general in Shanghai in 1999, when Shanghai's development was beginning to take off.

"But most producers don't have enough money for their R&D work. With the support of the fund, domestic suppliers can bring in more advanced technology from abroad through investments, and mergers and acquisitions," Lin added. "This will in effect help domestic companies to grow faster and produce more competitive products."