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Andresen said China's ambition to catch up with the world's best is encouraging but will require time and long-term commitment.

Angkor Wat in Cambodia. [Photo provided to China Daily]

Analysts said that even if consumer inflation continues to strengthen in the coming months, it may only rise mildly and the country's monetary policy stance will remain largely neutral.

Andreas Hatzigeorgiou, chief economist at the Stockholm Chamber of Commerce, attributed the historical shift to China's strong growth and explained that China is now Stockholm's most important export market and could soon be the whole country's primary export market outside of Europe.

Anhui is building 24 production bases for emerging industries. Hefei alone houses 186 semiconductor companies and 85 display panel makers.