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"Cost reduction measures are an important part of the country's supply-side structural reform and will help effectively raise the vitality of the corporate sector," Pan Jiancheng, an official of the National Bureau of Statistics, told Xinhua.

"Culture constitutes a meeting point for everybody in the world. China is building, through its Belt and Road Initiative that strives for peace, a great new phase in our region," Mortada told Xinhua on the sidelines of the ceremony.

"Consumers' purchase decision is formed in the very beginning of their purchase behavior," said Eileen Ren, vice-president of digital customer experience at JD Power China.

"Currently, China's service exports are mostly dominated by large businesses. But the majority of the service providers in China are SMEs. There will be more opportunities for them to export their services in the future," he said.

"Compared with many startups, we have respect for traditional brands; and compared with traditional brands, we have respect for startups, especially with their internet-based mentality, which focuses on customers," Niu said.