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"China's pledge to further open its market to foreign companies tremendously improves the country's economic development, making the Chinese market one of the most attractive in the world," Zhou said.

"Considering that the two accidents took place after new Boeing 737 MAX 8s were delivered, and went down just minutes after taking off, within five months of each other, they have some degree of similarity," the administration said in its statement. The administration grounded all Chinese Boeing 737 MAX 8 jets on March 11.

"China's steel output snowballed from 158,000 metric tons 70 years ago to approaching 1 billion tons this year. But new problems are emerging to threaten our competitiveness, including the homogeneity of products and unbalanced supply and demand," said Chen.

"Consumers have become more conservative spenders," said Xu Ruyi, head of research for Mintel China, which tracks spending across the country's 15 major consumer markets and releases the report annually.

"Coupled with strong fighting power, effective capital, and differences that are gradually dissolving, Chinese startups that go global will have great potential. They will also offer high returns (to investors) in the future."