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And Xu is optimistic about the future, saying there is no doubt about the upward trend in the decade to come.

And just as Britain adopted, then adapted, tea to suit local tastes to make it the country's most popular beverage, China is witnessing a similar revolution in its relationship with wine.

Analysts hold there is room for further tax reductions through measures such as lowering corporate income tax and expanding the scope of expense reductions for enterprises. Currently, China has three brackets for value-added taxes at the ratios of 17 percent, 11 percent and 6 percent respectively. The country can reduce the three brackets into two in the future, analysts suggest.

Analysts said that despite the rate of growth, China's oil demand will likely slow over the next few years as China's economic growth slows, and demand for imported oil will continue to rise.

Analysts: Move is positive for trade ties, helps meet domestic demand