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"Consumers in second-tier cities or even smaller ones usually have more spare income, as they are free from the pressures of housing and children's education compared with those in first-tier cities," said Jin Guangyang, CEO at Reindeer Beauty, a franchised cosmetic procedure clinic established earlier this year focusing on medium-to-small cities.

"China sees us as a country which has its own interests at heart and one which does not go out of its way to antagonize others," he said.

"China's experience can be valuable and we should learn from China humbly," said Kriengsak, who also is a prime ministerial adviser and chairman of Thailand's Nation-Building Institute International.

"China's evolving healthcare landscape demands hospitals and labs to do more for less. As such, more innovative diagnostics solutions are needed. The launch of Abbott's Customer Experience Center does not only help laboratory physicians gain access to the most advanced testing instruments, it also improves the skill sets through continuous trainings. So eventually patients can get better diagnostic service and treatment", said Mr Pan Baishen, president of Chinese Society of Laboratory Medicine; Director of Laboratory Medicine and Researcher of Zhongshan Hospital, affiliated to Fudan University.

"Consumers aged 23 to 38 are willing to spend on luxury brands, and financially able to do so. Fully 70 percent of China's millennials own their own homes — twice the rate of US millennials, according to HSBC's Beyond the Bricks study," the report said.