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Li Chao, an analyst at Beijing-based research firm iResearch Consulting Group, said Xiaomi can pre-install internet finance apps on its smartphones, which is the biggest advantage of the company.

Li Shufu, chairman of China's Geely Automotive Holdings, is even more confident. He told reporters in mid-March that "Chinese brands are now already as good as, if not better than, South Korean brands in terms of quality, and I believe we can catch up with Japanese brands in one or two years".

Li Qiang, executive vice-president with Zhaopin, said that the booming 5G industry requires different talent during its development, and comprehensive capabilities are emphasized when recruiting these people.

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Leung reckoned it is necessary to keep explaining the content and roles of the Basic Law to Hong Kong residents and the international communities to let people get a full picture of "one country, two systems" principle, "Hong Kong people governing Hong Kong" and "a high degree of autonomy" and what they imply.

Li also emphasized the fundamental way to resolve long-term problems in the country's development is by deepening reform.

Li Xiujun, a senior credit analyst at Moody's Investors Service, said structural transformation of the economy will accelerate as the contribution of the service sector and consumer purchases to GDP growth see a steady rise in the coming years.

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Leshi shares were suspended on Wednesday afternoon, after rising sharply earlier this week. The stock has been volatile since resuming trading on Jan 24 after a nine-month suspension.

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Li Bin, CEO and founder of Nio, said that Tesla's large-scale price cuts will harm the brand and Nio will not follow suit.

Li Tie, president of the China Center for Urban Development under the National Development and Reform Commission, said no matter how important and how advanced smart cities will be, the final goal is to achieve profit return in the market.