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"But the prices will ultimately depend on supply and demand in the domestic market," said Liang of the CAFS.

"By 2020, technologies including 5G and cloud computing are expected to embrace an explosive growth in China. It will bring a new round of growth in server businesses in the market," said Duan Meng, a senior analyst from market consultancy IDC.

"China is a strategically relevant market for the development and application of fuel cells," said Wang Weiliang, regional president of Bosch Powertrain Solutions China.

"China is actually becoming the leader in many markets and technologies that we are interested in," Shafer said, noting that the country is far more advanced relative to other global markets in the way firms engage digitally with customers.

"China has played a leading role as the world's second largest economy by contributing Chinese wisdom and strength to global governance," Zhao said.