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"China's consumption has huge potential," Sheng said.

"Consumer stocks have shown positive signals this year so far," said Wu Wenjie, a senior analyst at Bohai Security's Wangjing branch. "Among them, leading shares such as Wuliangye and Midea reached record highs. As these stocks are linked to people's lives, and with corporate annual reports around the corner, the surging prices of consumer stocks would attract a huge amount of public attention."

"China's gaming industry enjoyed rapid development during the past five years, on the back of an explosive growth in mobile games," said Lu Xiaoyin, chief executive officer of the games segment of Perfect World Co Ltd, a Chinese entertainment firm.

"Consumption remains the main driver of growth, contributing 60.1 percent of China's economic growth in the first half," said Tang Jianwei, chief researcher at the Financial Research Center of the Bank of Communications. "The key is to use measures to strengthen the weak links and improve people's incomes. There's certainly a lot of room for growth in consumption."

"China's progress has greatly benefited the world because China has adhered to the coexistence principle," he said.