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China's expanding energy transportation network will also boost the development of sectors including advanced steel, equipment manufacturing and engineering technology, he added.

China's electric car startup NextEV set up its global design center in Munich, Germany, two years ago with 16 employees.

China's current innovation is mostly driven by consumer-facing companies, and more efforts are needed to achieve progress in knowledge-based areas of science and technology.

China's economy contributes more than 30 percent to global economic growth. Its economic development in the past four decades has been established with the spirit, ingenuity and hard work of the Chinese people, combined with the reform of the economy and opening to foreign ideas and investment, Tim Cook, chief executive of Apple Inc, said at the opening ceremony.

China's latest move to lower the regulatory requirement on the ratio of allowance for loan impairment losses to nonperforming loans will encourage commercial banks to classify bad loans more accurately and to step up the disposal of distressed debt, researchers said.