By shifting the focus of its economy towards consumption, China is essentially putting a billion new consumers into the world market and the impact is likely to be dramatic, says the chairman of global exporter Li & Fung.
"Something very interesting is going on in China comparable to 1979 when Deng Xiaoping opened up China," William Fung told CNBC on Wednesday, referring to the former Chinese leader who opened up the economy and paved the way for a period of spectacular growth.
"What's happening now with China switching gears and emphasizing the consumer market is like China putting a billion new consumers into the world's consumer market and I think the impact will be just as dramatic [as 1979]," he added.
In order to put China's economy a more sustainable growth path, Beijing hopes to move the economy from one driven by investment to one where domestic consumption plays a much greater role.
Fung said a rise in the minimum wage was one example of the steps taken to boost consumption in the world's second biggest economy.