In the face of downward pressure, China is speeding up economic transition and is aiming to attract more foreign investment as the country strives to turn itself from a 'world factory' into a 'world market'.
Last month, the world's leading toy and baby products retailer Toys"R"Us opened its 100th store in China after first entering the market a decade ago.
Toys"R"Us's CEO Dave Brandon says the company is planning to open more stores in China this year.
"Our plan directly for China is we will continue to roll out somewhere between 30 and 40 stores a year. This is our intended goal, but it's not our entire mission. We wanna be in the right place at the right time. So this is very important for us and we wanna make sure that each store brings that special character and that unique experience of Toys R Us for families and for children."
Brandon is among many foreign business people trying to venture further into China's service market.
Data released by the Ministry of Commerce shows foreign direct investment into the Chinese mainland rose 6.4 percent year on year to some 126 billion U.S. dollars last year.
Foreign investment in the service industry rose about 17 percent, accounting for some 61 percent of the total flow for the period.
Xing Houyuan, deputy director of the Chinese Academy of International Trade and Economic Cooperation of Ministry of Commerce, says growing FDI in the service sector shows the Chinese market's international status is rising.
"In the past, foreign investments were more focused on manufacturing and exports. Investors made use of China's cheap labor and low-cost production factors. Now China is undergoing economic transition. We are developing high-end manufacturing and the service industry. Domestic consumption is now a major driving force for the economy. So now foreign investors come to China to directly reach to the consumers and provide services to them."
At the same time, exports of China's high-end manufacturing products are increasing.
An industry report shows that China is leading the way in exports of high-tech products in Asia with its share rising from 9.4 percent in 2000 to 43.7 percent in 2014.
Zhang Jianping, senior researcher with the National Development and Reform Commission, says exporting high-end manufacturing products will make China more competitive in the global market.
"In terms of large equipment, China has three strong exports – high-speed rail, nuclear power and UHV transmission and distribution equipment. Our telecommunication equipment and automobiles are also very competitive. In the future, we should improve manufacturing in high-tech, aviation, IT and bio-pharmaceutical. "
The establishment of free trade zones and better levels of opening up have also helped China become an important 'world market'.
Currently, China has signed and implemented 14 free trade agreements involving 22 countries and regions.
