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"Current indicators suggest China is especially suited for widespread adoption of autonomous vehicles," said Ting Wu, partner in McKinsey's Shanghai office and co-author of the report.

"Chinese art is so quick, is so evolving, that you really have to be in Beijing, in Shanghai, in Guangzhou every few months to see what's going on, because that's what is really happening," he said.

"Crude futures will become an important channel for foreign institutions to access China's market. With all these international institutions, China's futures market will become more influential."

"Chinese companies' overall investment into 5G network is likely to hit 2 trillion yuan to 3 trillion yuan. Such a gigantic investment can help spur economic growth, fuel the development of digital economy, and create a sound telecom infrastructure for upgrade of traditional sectors," Zhang said.

"Competition in the retail market has been intensive and independent oil companies are also expanding their retail networks to compete with the State-owned ones," she said, adding that Sinopec's retail volume fell 3.47 percent year-on-year in the first quarter.