Due to the rapid increase in innovation and the rise of the consumer market, China is producing one billionaire every week, according to a report by and PricewaterhouseCoopers.
In total, China accounted for 71 percent of Asia's new billionaires in 2015. The number of new rich individuals rose up from 35 percent in 2009. The report analyzed data covering more than 1,300 billionaires over the past two decades.
There were 113 Asian entrepreneurs who reached billionaire status last year. There are 80 of them from China and more than half of the world's total.
The rise of China's new elite is due to the government's support for new innovation and this led to more people creating new and better businesses.
According to the study, "Almost half of these came from the technology (19 percent), consumer & retail (15 percent) and real estate (15 percent) sectors.
"E-commerce businesses are in the ascendancy. At the same time, many of the country's wealthy are diversifying out of their existing businesses into real estate. Moreover, China's urbanization and increasing consumer spending have fostered an environment where businesses are growing fast."
Morgan Stanley also released a report revealing a good economic outlook for China. According to a report published by Robin Xing and Jenny Zheng, GDP forecast is up to 6.7 percent from 6.4 percent for this year, and to 6.4 percent from 6.2 percent for 2017.
They added: "Around 10 percent of manufacturing loans have been digested as NPLs if adding back write-off and divestment in the past two years. There has been notable headcount reduction in steel, machinery and coal sectors, reflecting more genuinely capacity cuts.
"Credit growth, as well as investment in industrial enterprises, slowed down notably. Industrial production growth and PPI momentum still held up well despite the slower investment, indicating more efficient industrial activities."