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"But with so many aspects of American economic ingenuity, high-tech startups have now truly gone global. The past decade or so has seen the dramatic growth of startup ecosystems around the world, from Shanghai and Beijing, to Mumbai and Bangalore, to London, Berlin, Stockholm, Toronto and Tel Aviv."

"China has become the largest trade partner for 25 of these countries," he said at a press conference.

"ChiNext-listed companies are going to benefit the most from the new rules. According to a rough estimate, the removal of the profitability requirement will make at least 125 ChiNext-listed companies eligible for refinancing and the removal of the debt-to-asset ratio requirement will make 535 of them qualified for share sales," Ma Tingting, an analyst from Guosheng Securities, said in a research note.

"By promoting our eco-friendly technologies in the economies related to the Belt and Road Initiative, we will help these countries and regions increase job opportunities, GDP growth and power supply. We will also bring a blue sky and a high quality life through the development of clean energy and environment-friendly projects," said Li Xiaopeng, chairman of the Group and a member of the 13th National Committee of the Chinese People's Political Consultative Conference.

"By doing so he is going to put about 800,000 people out of work. He proposes no solutions for those folks to continue employment anywhere," Smith told China Daily. "He puts at risk the pensions of hundreds of thousands of retirees with no solution on how to fix that problem either."