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"Combining Sephora's global brand resources with our technologies in 'New Retail' (that is, the merger of online and offline commerce), the tie-up is bound to bring customers a synchronized, rich variety of cosmetic products and experiences," said Liu Peng, president of Tmall's import and export business unit.

"China represents a significant opportunity in the aviation industry, as it is developing rapidly and the demand for aviation services is increasing," he said.

"China's pursuit of dual-cycle development has actually posed higher requirements for opening-up," said Shen Jianguang, vice-president and chief economist at JD Digits. "China's vast domestic market should be better utilized to further open up the economy and attract investment," he said.

"China should pay more attention to make its ODI moves better suited to its 'dual circulation' development pattern by meeting domestic market needs via investment activities in overseas markets," said Zhao Ying, a researcher at the Beijing-based Institute of Industrial Economics, which is a part of the Chinese Academy of Social Sciences.

"Chinese consumers want to try something different and feel like they are sophisticated and part of the global elite. That's what Starbucks gives them. That's what Western brands need to tap into," he said.