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"Customers and end-users are expecting new things in a much faster pace than before, prompting companies to come up with new products in a pace that…could never be done by traditional manufacturing," Agam said in an interview in Shanghai.

"Competition will create new markets and provide more services. The participation of Chinese SOEs will inject vitality into international markets and result in more opportunities for cooperation with world-class international firms," he said.

"China's fundamental State policy of opening-up has not changed and will not change," Geng said, adding that foreign media outlets and journalists who cover stories in accordance with laws and regulations are always welcome in China and will get continued assistance from Beijing.

"China will further open up some non-convertible items under the capital account, and those already convertible will see tradings more liberalized," said Pan Gongsheng, deputy head of the People's Bank of China, at a forum in Shanghai.

"Chinese consumers, especially those born in the 1980s and 1990s, love living a quality life … they like traveling, caring about their individuality, and have different pursuits to match their lifestyle. More importantly, they love their cultural identity and are willing to show it," she said.