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"Companies from both nations are highly complementary, showing great potential and broad prospects for cooperation in third-party markets," Wang said. "Austria has unique advantages in fields including mechanical equipment manufacturing, environmental protection, engineering design and healthcare. China has rich experience in fields such as infrastructure, energy development, machinery and equipment and financing."

"China's economic development has an obvious characteristic, which is mentioned in the report, the rise of city clusters," said Pei Changhong, former director of the Institute of Economics at the Chinese Academy of Social Sciences.

"Counties and townships shall also be included when boosting rural consumption, as they boast enormous potential. High-end consumption in big cities should not be our sole focus," Li said, "County consumption capacity is still modest, yet it will grow and upgrade. Efforts should be taken to adapt to different consumer needs and improve people's lives."

"China's traditional drug research and development pattern, which was dominated by generic drugs, is undergoing transformation, and new drug development has ushered in new opportunities. From the perspective of supply and demand, the pharmaceutical industry will continue to be one of the main driving forces for investment in China's primary market," said the report.

"China's new five-year plan will address the challenges with a focus on high-quality development rather than just high-speed growth," Zhu said.