Back in Wuxi, Wu at Jim Brothers does not see too much evidence of the income inequality and materialism that many Chinese are now renowned for, such as buying up luxury brands in Paris and London.

"People say that young Chinese people are actually materialistic but I would say they were not. Sure, they want a nice apartment and a nice car but who doesn't? I think they care about their future and the society in which they live more than what many think."

Xavier Zhou, manager of the Sheraton Wuxi Binhu Hotel, says that if Wuxi is representative of how China will be in 2020, it will not be a place where people throw their money around.

The 44-year-old may be in charge of one of the city's plushest five-star hotels with Chateau Lafite available on the wine list at around 4,000 yuan a bottle, but local residents have more modest tastes.

"They prefer wine at around 100 yuan a bottle," he laughs. "People, in fact, come in for our Chinese and Japanese buffet at 150 yuan per person. We actually have to compete with all the franchise restaurants in the shopping malls."

Zhou says the low prices might also have something to do with the competition in the hotel market rather than the income level of consumers. The room rate of 680 yuan a night for his premium hotel is less than many would pay in the UK for a Travelodge motel.

"I do, however, think people are more conservative in their spending here than people think. They probably prefer to save their money for healthcare or for their children's education or spend it on other things."

Li at Phoenix Arts Group, however, believes there is real evidence of people's incomes increasing in Wuxi from their retail behavior.

The company, already established as one of the world's largest fine art materials suppliers, with bases in Shuyang, a remote area of Jiangsu province, and Ho Chi Minh City in Vietnam as well as Wuxi, set up a subsidiary selling fine art eight years ago.

"That business has grown 100 percent every year since we started from zero. People are getting richer. It is not just expensive paintings. People now buy an apartment and they want more than just a reproduction from a store to put on their walls."