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"China's economic restructuring can be seen in the rising contributions of consumption and services to GDP," he said, adding strong domestic consumption has not only strengthened the country's markets but also stimulated both multinationals and domestic companies to shift the emphasis of their operations from 'Made in China' to 'Made for China'.

"China should continue to obey and safeguard the WTO rules," said Yu Yongding, an economist with the Chinese Academy of Social Sciences.

"Cross-border acquisitions, which may go along the Belt and Road countries and regions, or be related to the buyer's core line of business, or has the potential to create synergy effect, are essentially encouraged and welcomed by Chinese policymakers," Wu noted.

"Compared with other first-tier cities like Beijing, Shanghai and Guangzhou, Shenzhen has a big population with relatively little land," said Guo Wanda, who works with the China Development Institute based in Shenzhen. "This is part of the reason why skyscrapers offer a solution to the problem."

"Consumption will stay robust on the back of higher incomes and is expected to stay a pillar for economic growth next year," said Li Huiyong, an analyst at Shenwan Hongyuan Securities.