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Cao Zejun, vice-president of Huawei Technologies Co's China branch, said the country's IT industry still faces huge pressure, with domestic operating systems and chips having very low market share in the world.

Check back for coverage of the annual meeting Wednesday morning on GeekWire.

Charles Armstrong, a professor of Korean Studies at Columbia University, said: "China has played a very important role behind the scenes."

Chang, a current council member of Cupertino and president of G-50, said a lot more can be done at municipal level governments as the federal or national governments usually just talk instead of taking action.

Central SOEs have not only played a vital role in assisting in China's battle against COVID-19, but also actively participated in other activities such as stabilizing job and export markets, supporting new infrastructure projects and taking part in poverty alleviation and flood control in the first half, said Li Jin, chief researcher at the China Enterprise Research Institute in Beijing.