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"A significant drop in China's low-end manufacturing over the coming decades would leave a large gap for lower-cost countries to exploit," according to the report.

Walid Abdulla Marhoon, senior manager of the Dubai Investment Development Agency, looked forward to enhancing cooperation between Dubai and Shenzhen, particularly in the fields of manufacturing, construction, textile, and information and communication technologies.

"President Xi said the word 'inclusive' for many many times, and I think it's a good thing," said Sami Kteily, executive chairman of PEB Steel Buildings Co. Ltd. from Canada. "Economic growth shouldn't be restricted to one country. The whole region must benefit from the economic growth."

To get through this stage, BRICS economies should pursue innovation-driven development created by smart manufacturing, the Internet Plus model, digital economy and sharing economy, Xi said.

"Only when the youth understand history can they walk into the future," he said.