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"China will also expand domestic demand to improve the quality of supply side and stimulate consumption potential, and at the same time, accelerate the development of new consumption formats and actively expand effective investment," Xin added.

"China's scale dividends are likely to be an important driver of improving the total factor productivity over the next five to 10 years," said Shen Minggao, chief economist at GF Securities, who noted more efforts are needed to drive the transformation and upgrading of the traditional manufacturing industry, enhance its efficiency, as well as improve total factor productivity, in a bid to maintain a relatively rapid GDP growth.

"China's steady banking and insurance sector is serving the real economy more efficiently and effectively," said CBIRC spokesperson Xiao Yuanqi.

"China's nuclear arsenal is extremely limited in scale, and poses no threat to international peace and security," he noted.

"Chinese enterprises have greater demands on data storage, protection and cloud technologies as the country pushes forward big data and digital economic transformation, which has brought us great and precious opportunities," said Shi Qin, president of Veeam China.