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"Candy and flour are our biggest sellers. Sales are up 20 percent from last July. Tax exemptions mean customers spend less and we earn more. It is the very definition of win-win," said Ding Yanping, Oktyabrina's Chinese business partner. Ding owns 50 percent of the company and is in charge of the shop's daily management.

"China has switched to a consumption-driven growth model. As personal incomes continue to rise and domestic consumption keeps being upgraded, the retail banking business has enormous growth potential," he said.

"Can we get enough data, and unbiased data, to deliver the services in a way that ensures the person getting them is not affected by this data? I do believe that these challenges will be overcome if we come together, if we work hand in hand, and if we do create a future that is better for everyone everywhere."

"But the answer, given by the finance minister today, is no," said Zhang Lianqi, an economist and consultant with the Ministry of Finance.

"China is willing to share growth opportunities with the rest of the world. Honeywell has invested heavily in China, and we are picking winners," he said.