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Businesses operating in the technology, retail, internet, telecommunication, banking and e-commerce sectors were all strongly represented in the rankings. The list also includes many innovative private sector companies that are playing an important role in China's structural transformation away from a manufacturing economy towards a knowledge-based one.

But China is still and will long remain in the primary stage of socialism. Its international status as the world's largest developing country has not changed, Xi said.

Brinley said GM would be unlikely to move production of the Envision from China to the US if the waiver is declined.

British Prime Minister Theresa May speaks during the inaugural meeting of the UK-China CEO Council at the Great Hall of the People in Beijing,  Jan 31, 2018. [Photo/VCG]

Bright spots such as retail sales in rural areas create future growth potential, analysts said.