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"Cashless payments and cash will coexist in China for a long time," he added.

"China for us is a relatively small part of our business so it really represents a significant opportunity. What we're working on is how to unlock that opportunity for us. So we saw a drop in the Chinese market for the first time in 30 years, something like that, last year. This year, I think they're going to be flat and they'll still be number one in the world," he said.

"China has given us an opportunity of progress by starting the CPEC, which can raise prospects of investment flows from other countries and investors," said Khan, adding that his government would learn from China on how they pulled more than 700 million people out of poverty.

"China is a key market for the global luxury industry and Kering has been successfully operating in the country for over four decades. Chinese consumers' expectations for luxury industry has been evolving rapidly thanks to the country's ongoing development and economic growth," she said.

"But the yuan is not heading for any major appreciation," Yang said, citing the regulators' policy stance of further improving the exchange rate regime and "keeping the renminbi exchange rate generally stable at an adaptive and equilibrium level".