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"China, in many ways, actually has led smart city development, and even my hometown Singapore, which is technologically advanced, would like to learn from China.

"China's massive progress toward using more clean energy has been accelerating over the past few years, and this is expected to remain unchanged in the short-to-medium term."

"Considering the increasing number of infrastructure projects and the rebound in real estate investment, sales of excavators are set to rise by 40 percent to 50 percent on a yearly basis in July," Kong said in a recent CICC report. "We believe the construction machinery sector will witness steady growth in the next two years."

"China's interests were seriously damaged," the MOC said.

"Companies will be more competitive because of the new policy and consumers will be more in tune with international trends," Yu said.