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"But now, it's opting to move forward through mergers and acquisitions, as well as by setting up local companies on its own," Wang said.

"China has committed to significant reforms to its pharmaceutical regulatory systems, protections of intellectual property, and made considerable progress in the development of its reimbursement mechanism for innovative medicines," said Bradway.

"China is a key market for the global luxury industry and Kering has been successfully operating in the country for over four decades. Chinese consumers' expectations for luxury industry has been evolving rapidly thanks to the country's ongoing development and economic growth," she said.

"Carving is probably the most difficult," she said. "You have to be extremely careful when using your strength."

"China has always made a big play about wanting to do international collaboration," Harvey said.