"The focus around the consumer - whether consumer products and retail or healthcare, financial services and real estate - remains at the heart of our own investment strategy in China," he added.

Last year, Warburg Pincus exited from the Intime Department Store Group and made four new investments, which play to the emerging consumer sector - of which China Auto Rental Holdings Inc, China Kidswant Investment Holdings Co Ltd, an emerging maternity, infant and children specialty retailer, and Cubic City (China) Service Apartment Group Ltd were revealed.

According to Kaye, China's growth miracle has been remarkable, but the model of export-led and then investment-and-infrastructure building-led growth is becoming harder to follow, and perhaps even unavailable.

The transition to domestic demand and consumption has been much talked about but it's not easy to accomplish, he said.