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"The Belt and Road Initiative is a very important proposal," said Maurer, adding that Switzerland is willing to cooperate with China on project financing, risk control and insurance under the mechanism.

Trump has also personally weighed in on the matter, threatening GOP Congress members that anyone who doesn't support the AHCA will risk losing their seats in 2018.

If China's capacity-cut targets are solidly delivered, producer prices will keep going up to support the broader economy, while new technologies and new business models will help cultivate fresh growth momentum, Wang pointed out.

Shanghai decided to transform itself into a global R&D center in 2014 while Suzhou in east China's Jiangsu Province is also a popular destination for foreign enterprises to build R&D centers.

Plagued by smog over the past decade, the capital city has initiated a series of regulations to improve its air quality.