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And Yu contended that the initiative is not an attempt by China to exert its economic and political influence globally.

An updated city policy last year, for instance, clarified that a proposal for installing an elevator needs agreement of two-thirds of the residents in the building, down from 90 percent previously. It also allowed residents to use their housing funds－a kind of national social welfare given to Chinese employees, which normally can only be withdrawn for situations such as purchasing housing property and paying back a mortgage－to pay for elevator installations.

Analysts at GF Securities said that foreign securities firms in China have the advantage in areas including derivative trading, asset management and wealth management services over local players. But it is challenging for foreign firms to compete in the onshore securities brokerage and underwriting business in the short run given that they may face limited market channels and higher capital constraints.

And the multiple contracts Huawei signed with global mobile operators during the MWC Barcelona held between Monday and Thursday also show the active role of Huawei in promoting the 5G development globally through cooperation.

Andresen said China's ambition to catch up with the world's best is encouraging but will require time and long-term commitment.