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"From my perspective, saliva has a lot of advantages over nasopharyngeal swabbing, namely that it is easy to self-administer and is noninvasive," said Freed.

"Government and big market players like Tencent, Alibaba, Baidu and Ping An do not just talk the talk, but they walk the walk. The major new technologies are not concepts on paper. Millions of people across the country are actually using them," Atzmon said.

"From an investor's perspective, scientific breakthroughs led to new technologies, which in turn opened doors to the huge market in China," she said.

"For multinational corporations, more decentralized decision-making at the country level, faster rollout of products, and more localized endeavors to stay tuned to customers' needs are some of the decisive factors for their outperformance," Jason Yu, managing director of Kantar Worldpanel and one of the authors of the report, said. For instance, the role of e-commerce has moved from the periphery to the forefront in many businesses of multinational brands in China.

"For instance, China accounts for roughly 50 percent of the global electric vehicle market. If it has the biggest market volume, it is bound to propel the development of most cutting-edge technology," said Zhao Tianting, automation and energy group technical director at ADI China.