Chairman and CEO of L'Oréal Jean-Paul Agon, who has visited China nearly 100 times in the last 22 years, has been amazed by China's incredible growth, transformation and progress in the past decades and contributions to world economic development.

"I have never seen a country where so much wealth has been created in such a short amount of time. What China has accomplished in 70 years is breathtaking. In the last few decades alone, hundreds of millions of people have dramatically increased their quality of life. There is no equivalent in any place or any time period of this type of wealth creation in the history of mankind," Agon said.

Younger generations not only have unheard of buying power – they also have an intense appetite for consumption. These new enormous demands are boosting economic growth and vitality. They are transforming China into a consumption- and innovation-driven economy, and the No 1 growth engine in the world, he added.

Agon was also fascinated by "phygitalization", a new norm of consumption led by China which eliminates the distinction between online and offline and is boosting the Chinese market as well as the world to new heights, along with the Chinese government's support.

"When I meet with Chinese institutional leaders, they always ask 'What can I do for you?' And they always follow through. Moreover, government initiatives to unleash business potential, such as the tax-for-fees reform or tax deductions, are impressive and forward thinking. At L'Oréal, we are honored and grateful to be at the forefront in seizing them," Agon said.