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China is pursuing a new round of opening up and will further relax market access to the automobile sector, Li said. He welcomes German companies to continue to expand investment in China, cooperate more in high-tech fields and jointly seize opportunities in market competition in the future.

China is in the middle of capacity cuts in the bloated coal and steel sectors. Last year's annual targets to slash steel capacity by around 50 million tons and coal by at least 150 million tons were fulfilled in August and October, respectively.

China is among Heraeus' top three markets worldwide, after Germany and the United States. "But it's not the sheer size, but the dynamic and development in China that are important," Rinnert said.

China has seen more rural entrepreneurs in the past few years, said an official from the nation's top economic planner on Wednesday.

China imposed five-year anti-dumping tariffs on Indian and Japanese imports on Nov 21, 2013. At the application of domestic producers, the MOC launched reinvestigation of the duties on Nov 21 last year to see whether harm on the local industry would continue should the duties be scrapped.