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Andy Rothman, an investment strategist at San Francisco-based investment firm Matthews Asia, wrote in a recent analysis that China's V-shaped economic recovery continued for a fourth consecutive month in June, led by strong domestic demand.

Andrew Yang got 1 percent, the highest number among the seven other candidates.

And thanks to a surging number of higher-paying jobs in service and technology industries, 54 percent of them will be classified as "upper middle" class, meaning they have an annual income between 106,000 yuan and 229,000 yuan.

And now, these innovations are becoming China's best-known exports too, promising to enhance the quality of billions of lives worldwide, thus heralding a wave of world-class Chinese businesses.

Analysts said the next stage of China's fiscal reforms is to tackle the significant revenue and expenditure misalignments between the central and local governments.