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China's growth target, expected to be released in the government work report during the two sessions, will continue to attract worldwide attention this year. The closely-watched figure had remained stable during the past five years as policy makers put stronger emphasis on quality and became more tolerable to GDP slowdown.

China's corporate debt-to-GDP ratio is high. The ratio went up in part because of the 4 trillion yuan stimulus package announced in 2008. At that time, the money for infrastructure projects was primarily raised by local government financing vehicles, for the central government did not want to see an excessively rapid increase in the deficit-to-GDP ratio.

China's new energy vehicle market is experiencing its hardest time in a decade.

China's fiscal spending expanded 8.8 percent year-on-year to around 15.31 trillion yuan during the January-August period, MOF data showed.

China's fast-growing 5G telecommunication infrastructure can also be a convenient platform for the company to make more breakthroughs in innovation, he said.