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Another 26 percent consumers carry less than 100 yuan and about 74 percent said they can survive for over one month with only 100 yuan cash in their pocket, the report said.

Anyone traveling through Seattle’s South Lake Union neighborhood can see the changes first hand. Construction projects arise around nearly every corner. Traffic?bottlenecks — already bad — have grown much worse. And a countless number of startup geeks routinely hang out at Uptown Espresso, working on various entrepreneurial projects.

Another former minister and NCP leader Surendra Pandey said that China has become a model for those who attach great importance to China's intellectual, political and economic experience in achieving socialism.

Another strategy that Yum and McDonald's have adopted is to be more mobile by embracing digital channels for sales and delivery services. The two giants have already introduced cashless payment methods by teaming up with China's most popular e-wallet service providers Alipay and WeChat Pay.

Apart from the contributions of Jayaram, senior partner in McKinsey's Nairobi office, the report is also the work of Omid Kassiri, another Nairobi partner, and Irene Yuan Sun, engagement manager in the company's Washington office. Sun is also the author of the book The Next Factory of the World: How Chinese Investment Is Reshaping Africa.