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"Creating value rather than pursuing a larger scale has become the No 1 target of most Chinese companies," he said.

"China will carry out more efforts to accelerate the construction of an international science and technology center in the Guangdong-Hong Kong-Macao Greater Bay Area," said He Lifeng, head of the National Development and Reform Commission. He made the remark at a news conference during the recently concluded two sessions, the annual plenary meetings of China's top legislative and political advisory bodies.

"Cooperation in emerging sectors is also starting, as Chinese financial institutions have set up over 10 branches in Africa, and eight African countries such as South Africa have included the renminbi in their foreign exchange reserves," Qian added.

"China's three internet giants are building a rich digital ecosystem that is now spreading beyond them. Baidu, Alibaba, and Tencent ... are driving technical performance such as computing efficiency to set new world-class standards," the MGI said.

"Currently, companies and related supply chain entities are resuming operations in an orderly manner. The nation's industrial economy is back on track toward a positive direction," said Xin at a news conference in Beijing on Friday.