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"China's wealth management industry will embrace a historical transition of business models and a comprehensive restructuring of its ecosystem. The establishment of ABC Wealth Management is an important measure taken by the Agricultural Bank of China to carry out supply-side structural reform in the financial sector, further implement new regulations for the asset management industry, push for high-quality development of the real economy, and actively tackle changes in the wealth management industry," said Zhou Mubing, chairman of the Agricultural Bank of China, the country's third-largest commercial lender by assets.

"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.

"Compared to some advanced countries, China is an emerging internet power that more willingly adopts new technologies," Cheng noted.

"Connections like this one to China will take on extra significance in a post-Brexit Britain, as the UK starts to rely more heavily on them to generate vital growth through trade and by exploiting the other business opportunities they provide," he said.

"Chinese tourists are a growing market for the UK, but only the 10th-highest spenders, so it is a priority for VisitBritain to develop new ways to attract Chinese tourists," he said. "The best way for them to do this is with the help of a Chinese partner who has the right knowledge and expertise."