(Photo : Famous Brand Porsche)

China is on its way to further recovery as the worst has passed for the country's economy, said the executives of two global brands during the World Economic Forum in Dalian, China.

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Roland Decorvet, Nestle's Greater China Chairman, and Deesch Papke, Chief Executive of Porsche AG China, said latest economic figures point to a recovery as they stressed that China remains an amazing opportunity for global companies.

Nestle opend two factories in China this year with CNY3 billion ($490 million) investments. Decorvet said demand for food will increase as 350 million people who will come into the city will not be able to grow their own food.

China to Be Porsche's Largest Market

Porche, meanwhile, expects China sales to accelerate next year with the introduction of a new compact SUV model Macan. The German car manufacturer will also further expand into the inner regions of China to widen its market reach.

Papke even predicted that China will become Porsche's largest market starting next year, surpassing the United States, as demand for luxury cars continue to rise in the mainland.

Investors and analysts have expressed confidence in China's economic recovery as the government also stressed that it will initiate financial reforms to allow investors to further develop their businesses in the country.

Financial Reforms on The Way

During the World Economic Forum in Dalian, Chinese Premier Li Keqiang said China will overhaul state-dominated financial institutions to further ease market access and provide broader space for financial institutions of various ownerships to development their business in China.

Li also earlier expressed confidence that the country will achieve its economic goals this year and attain the 7.5 per cent growth target.

The Chinese premier said China's economy has maintained stable development from January to June of this year and growth confidence continues to increase.

Global investment banks Goldman Sachs Groups, Credit Suisse Group, Deutsche Bank and JPMorgan have raised their China growth projects this year.