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"Given the sheer size of China's economy, a dip in growth rate is no cause for heightened worries over the stable economic trajectory," Zhang said, adding that doomsayers targeting China's economy should pay more attention to the quality of growth and how the nation stands at the forefront of the new round of technological revolution.

"Fiscal and monetary policies will provide the major tools to achieve the long-term economic development goals," said Wang, who suggested building up a unified coordination mechanism to facilitate joint efforts on fiscal and monetary policy. The mechanism is expected to work along with employment, industrial, investment, consumption and environment protection measures to spur the real economy.

"Foxconn is not just a con-tract manufacturer of electronic devices, but is also engaged in the design and production of some precision elements in the supply chain sector, as well as accumulated experience and strength in intelligent manufacturing," said James Yan, research director at Counterpoint Technology Market Research.

"Hainan has unique environmental and policy advantages, and it is also an important window for China to open to the outside world," said Dhanin Chearavanont, chairman of Chia Tai Group and director of the China Overseas Chinese Entrepreneurs Association, in a keynote speech at the opening ceremony.

"From January to October 2020, non-financial direct investment by Chinese companies in countries along the BRI routes amounted to 14.1 billion US dollars, an increase of 23.1 percent year on year," Liao said.