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"China's economy is moving from high-speed development to high-quality growth," Xin Guobin, vice-minister of industry and information technology, said during the opening ceremony. "We will continue to boost the healthy development of smart manufacturing, strengthen the construction of industrial internet and public service platforms, build the ability to protect data security, cultivate a group of talents good at both manufacturing technologies and the application of informatization."

"Considering that the average basic consumption expenditure for residents in Chinese cities and towns is about 4,200 yuan a month per person in 2018, we set the minimum threshold of personal income tax at 5,000 yuan. It not only covers the expenditures but also leaves room for further increases in consumption," Vice-Finance Minister Cheng Lihua said at a news conference on Friday.

"Colin Huang has created a world first, making billion since founding Pinduoduo just four years ago. Nobody in the world has ever made that much from a standing start," said Hoogewerf.

"China takes real actions to reject unilateralism and protectionism, providing guidance toward the right direction of building an open world economy," Wang said.

"Chinese investors' footprint is spreading across five continents, focusing on not only 'going out' but also upgrading businesses to higher end of the value chain," said Loletta Chow, global leader of EY's China Overseas Investment Network, at a news conference on Thursday.