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"Clean energy development needs large amount and long-term investments, and through equity financing, SPIC's equity shares of the subsidiary are transformed into capital it needs through fair and market-based pricing," she said.

"Currently, China is still at the very early development stage of a cat economy," Peng added. "More efforts are needed to tackle problems, such as expensive medical bills and low-end food processing."

"Climate change has driven ambient temperatures to a level that could debilitate human health, with our children suffering the most. The research bears it out," Chan said.

"Chinese consumers are trading up to higher-quality products," Jeff Walters, BCG managing director and co-author of the report said. "Digital technology is one of the underlying drivers that will continue to spur purchases."

"China would have to make a justified and necessary response."