Meanwhile CEOs from major home-grown companies were asked how to better upgrade and transform China's real economy and manufacturing sector, during the ongoing Two Sessions. Here's what some had to say.

LEI JUN, CEO XIAOMI "Developing modern manufacturing calls for both hard power and soft power. Hard power depends on innovation and quality, they are equally important. The government work report underlined craftsmanship and quality products, that means Chinese manufacturers must have a say in cutting-edge technologies. For the soft power, I think the home-grown companies should be able to deliver better designs and also better user experiences."

MINGZHU, CHAIR GREE ELECTRIC "In upgrading and transforming our real economy, manufacturers need more hi-tech machines or equipment for their production to meet consumers' higher demands. Core technology and skills are the key to becoming a strong manufacturing power. That's why our company, Gree, has basically taken over workers by smart machines in our major factories."