The uphill battle consumers are struggling to win

The bright picture a recent McKinsey report painted about the rise of modern Chinese consumers is indeed tempting for businesses at home and abroad. The rewards must be substantial for those who get it right with the swelling consumer group, which has so far looked surprisingly confident.

But this is not the time to take China's consumer growth for granted, especially because economic headwinds remain strong. Tons of tasks need to be done before Chinese consumers can survive and thrive in the ongoing transformation of the country's economy. For policymakers, the most urgent tasks include helping consumers cope with the challenges of slowing income growth and building a truly consumer-friendly environment.

One of the most eye-catching facts of McKinsey's 2016 China consumer report is that, of the 10,000 consumers interviewed in 44 cities, as much as 55 percent were confident their incomes would increase significantly in the next five years - just 2 percentage points lower than in 2012. By comparison, McKinsey found only 32 percent consumers in the US and 30 percent in the UK agreed with the same statement in 2011.