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China has ambitious plans for urbanization, and elevators will play an important part, said Hiesinger, adding that this means a "tremendous growth market."

China has deeply integrated itself into globalization. It cannot expand domestic demand without international cooperation and smooth operation of the global value chain. Expanding domestic demand, on the other hand, can tap the potential of the massive consumer market and at the same time benefit foreign businesses.

China began establishing State-level new areas in the 1990s. The areas serve as platforms for carrying out the country's major development strategies and take on important tasks to promote reform and opening-up.

China has been advancing SOE reforms, including mixed-ownership reform and corporate reform, to inject vitality to a large number of previously underperforming enterprises.

China has been closing down its steel mills, partly to cut overcapacity but more importantly to fight air pollution. Steel mills are largely responsible for severe air pollution in Hebei province, next to Beijing.