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China has more than 1,100 projects empowered by 5G technology and industrial internet, and over 30 industries including raw material and healthcare have seen the application of industrial internet, said Xiao.

China has introduced a raft of opening-up policies in the banking and insurance sectors over the last two years, including expanding the business scope of foreign-invested firms and easing market access.

China currently produces around 80 percent of the world's supply of rare earths. However, the country's rare earth industry is faced with problems such as smuggling and illegal mining and environmental protection issues.

China expects smart cars with some autonomous functions to account for 50 percent of new vehicles sold in the country by 2020, according to a blueprint released by the National Development and Reform Commission in January.

China currently has 36 operational nuclear reactors and is building 20 more.