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"China's strengths are mainly shown in AI applications and it is still weak on the front of core technologies of AI, such as hardware and algorithm development," the report noted. "China's AI development lacks top-tier talent and has a significant gap with developed countries, especially the US, in this regard."

"Concrete efforts should be made to ensure that those with merit and contributions gain respect and benefits," Li said. He called for China's strength in science and technology to be built up, and urged increasing basic scientific research, diversifying investment in research and development, boosted integration of basic and applied sciences and enhanced innovative ability.

"China's financial and asset management markets are full of vitality and opportunity. As individual investors' demand for wealth management keeps growing and regulatory authorities continue to introduce proactive and open policies, the markets will be provided even bigger boosts," Lin noted.

"China's experience with greening the manufacturing sector can also be exported, in particular the phasing out of hydrochlorofluorocarbons, commonly known as HCFC, in the refrigeration and air conditioning industries," he said.

"Clearly it's a question of market size, growth rates and ease of doing business here," Ker Gibbs, president of the AmCham Shanghai, told China Daily.