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"China's economic recovery has become more broad-based" and domestic demand saw "a strong catch-up in October, reaching a level similar to industrial value added and exports," said the think tank in its monthly Recovery Tracker.

"China's government has kept pushing the telecom industry to accelerate the pace of network performance upgrades and tariff reductions across the country, so a newcomer like BT might introduce differentiated customer experience," said Mu.

"China will develop a stronger multi-layered capital market, which includes large stock exchanges, regional equity markets, private funds and venture capital funds, to better support the development of innovative enterprises," he said while highlighting the importance of daring innovation in the banking, insurance and securities sectors.

"Creating the right environment is important to us as we continue to attract, develop and invest in the staff we need to meet our digital ambitions," he said.

"Chinese brands are at the forefront of innovation, and its global brand-builders are helping to establish 'Brand China' as innovative, cutting-edge and pioneering. China's insatiable appetite for new technology is fuelling the growth of many brand categories and powering innovation at an incredible pace," the report said.