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"China will be one of the focal markets. We will strengthen our position by accelerating the launch of new brands and innovations, increasing our marketing investments and driving digitalization even further," said Jeremy Hunter, president of Henkel Greater China.

"China will take all sorts of necessary legal and administrative measures toward entities put on the list," the column said. "Foreign enterprises must obey laws and regulations if they want to grab development opportunities in the Chinese market."

"China should not compromise its development rights as it is something that every country is entitled to," Lin said.

"Compared with the approval system currently adopted by the A-share market, the registration system will rely more on the market to judge the value of listed firms. This means related provisions must be revised to ensure investors are well-informed," Wang said.

"Culture plus high-tech" is the direction for the old factories' transformation, Liu said. For instance, E9 Zone, an innovation park in Chaoyang, has attracted 80 companies to locate there; half are in the cultural industry and more than 30 are science and technology companies.