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Companies acted fast on the change. MIJIA, an online e-commerce site launched by leading smartphone maker Xiaomi, offers selected products, especially smart devices and home appliances, to meet the demand of consumers craving high quality goods.

Compared to the markets in Europe and the US, the Chinese market is very fast-paced. Boosted by advanced telecommunication, big data, internet of things and 5G technologies, as well as well-developed logistics network, it has pushed foreign companies to become more responsive and move more quickly, he said.

Companies intending to go public on the new board should aim for the leading edge of global science and technology, and serve China's major needs and prime economic development directions, according to the regulations.

Companies like Wiwide are providing smart cameras to track visitor flows in a shopping mall and leverage data analysis on customer profiles to offer suggestions to vendors on promotions, ads and customer service, said Hao Qing, vice-president for the company's visual product innovation center.

Compared to the draft plan a year ago, a total of 58 new items were added into this year's plan, covering a variety of areas including economic development, political system, measures to improve people's livelihoods, culture, environmental protection, government information publicity, as well as foreign policy.