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Combined R&D expenditure of 8,586 firms on the board totaled 60.73 billion yuan in 2017, up 9.96 percent year-on-year.

Company executives also forecast continued robustness in the segment on the back of both the increase in customer numbers and customer spending, with Alibaba CFO Maggie Wu reassuring investors last Thursday in Hangzhou that it is close to reaching break-even.

Competition, especially local competition, forces us all to continue to develop our products, services and accessibility, to the benefit of the general population, whom one may argue local companies understand better than their foreign counterparts. The rise of our local competitors has forced us to better connect with Chinese people, organizations, partners, media and the government, and I believe that is a positive thing.

Compared with some advanced economies, China's financial openness is relatively low. For instance, China's total asset and liability, measured by international investment position, is only about 12 percent of that of the US, 26 percent of that of the United Kingdom, and half of the Japanese size. There is large room for further opening-up.

Competitors seldom back each other unless a decision threatens the foundation for all businesses to benefit from an open and fair competition.