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"In order to win the competition, you have to have sufficient technology support," Huo said.

Wang made the remarks when meeting with Chuck Robbins, Chief Executive Officer of American tech-giant CISCO.

He expressed the hope to further enhance exchanges and cooperation with China in areas such as science and technology, innovation, environmental protection, finance, culture, education and sports.

Overcapacity in the steel industry is a global problem, which calls for a global solution with stronger communication and co-operation among all steelmakers worldwide, who have the joint responsibility to uphold the order of steel trade and promote the sound development of the global steel industry, Liu said

To this aim, local authorities should enhance leadership, introduce supporting measures, optimize environment, encourage innovations and promote experience-sharing to push trade growth to get back on track, Qian told a meeting in Guangzhou, the site of the Canton Fair.