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China is nurturing domestic tech companies to reduce reliance on foreign products

China is expected to pioneer a high-standard opening-up in the next five years and attract more foreign investment, Zhu said.

China is one of Tesla's most important markets, where it sold 17,030 cars last year, accounting for 16.5 percent of its global sales, according to statistics from the China Passenger Car Association.

China has unveiled a shortened negative list for market access of foreign investment, removing restrictions on a wide range of sectors. Restrictions on the ownership by foreign investors in entities such as securities firms, fund management companies and futures companies will be relaxed to 51 percent this year and is set to rise to 100 percent by 2021.

China has set a target of reducing the tax burdens on and social insurance contributions of enterprises by nearly 2 trillion yuan (0.7 billion) this year.