Brooks said the company remains committed to developing soda drinks in China, but he admitted that innovations in other products and marketing strategies are priorities in the years ahead.

He added that innovation in both Coke and other drink products will help the company take advantage of opportunities in an economy where market forces will play a more decisive role.

"(At Coca-Cola) we held internal meetings to review the implication of the policy documents of the Chinese government," Brooks said, adding that the slew of reforms that Chinese authorities have vowed to carry out are not slogans, but something the company takes "very seriously."

Brooks said he clearly underestimated 35 years ago what China would look like today. With the rise of e-commerce and social media, the future of the Chinese market could be yet another wild guess.