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"Competition will make it harder for Alibaba, but it will add to the excitement of the overall 11.11 festival," said Richard McKenzie, a partner at consultancy Oliver Wyman in Hong Kong.

"Compared with the United States and Europe, whose online travel market is growing at 45 percent to 50 per-cent annually, we still have big growth potential," he said. "Therefore, the new policy is not a big threat to online travel agencies like ly.com."

"China's R&D expenditure as a proportion of revenue from principal business by sector has increased continuously in the past decade. The Made in China 2025 plan will further stimulate innovation of Chinese companies," Yuan said.

"Chinese tourists remain Australia's biggest spenders, pumping a record .4 billion (.17 billion) - a 14 percent increase from last year - into the economy," Australian Minister for Trade and Tourism Steven Ciobo said in a media release on Wednesday.

"Chinese culture and books are inseparable overseas, and most foreigners get to know Chinese culture from these books," said Zhu Yongliang, deputy president of Zhejiang Publishing United Group.