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Anne Hillerman

Another challenge of developing such vehicles in the near future is to make more companies and groups understand the value of methanol vehicles so that the sector can be promoted nationwide, he added.

Anne Rice

Another big move last year was the revision of the individual income tax law and the debut of special individual income tax deductions. All these measures took effect on Jan 1. In the reform of the individual income tax - one of three major contributors to China's treasury, along with value-added taxes and enterprise income taxes - the tax brackets and threshold were raised, effectively giving everyone a tax break, and lifting millions out of paying any income tax altogether.

Apart from the tech powerhouses, the Hurun China Rich List also saw an expansion in consumer sectors including foodstuffs, suggesting that the vast domestic market is poised to shore up growth amid global economic uncertainties, experts said.