In January and February, total retail sales of consumer goods in the country reached 8.1 trillion yuan ($1.12 trillion), up 5.5 percent year-on-year, according to the National Bureau of Statistics.

"The figures fully indicated the strong resilience of China's consumption market, and laid a foundation for stable and progressive consumption growth of the year," Sheng said.

Fueled by the huge consumption market of China, major foreign companies said they would continue to increase investments in the country.

US skincare group Estee Lauder said Hainan stands as one of the most popular travel destinations, and it has provided exciting business growth opportunities for global retail brands, said Israel Assa, global president of travel retail of Estee Lauder Companies.

Estee Lauder built its travel retail headquarters of China in Haikou last year to support its travel retail business in China and the Asia-Pacific region. The company's research and development center in Shanghai plans to develop more beauty products that cater to Chinese consumers.