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"China has made green development a key priority for the Xiongan New Area, and is phasing out low-end manufacturing throughout Hebei province. The region urgently needs to address its environmental issues and may start doing so before urban construction begins," he said in a research note.

"China has vigorously promoted the construction of digital infrastructure, including the 5G network, since the beginning of this year. This provides a broader development space for the digital transformation of enterprises," he said.

"China has a huge domestic 5G market and its efforts to accelerate construction of a nationwide network will bring opportunities to Huawei," Wang said.

"China is one of SABIC's core strategic markets, and we are committed as a partner to helping elevate China's sustainable development and inclusive growth, while reinforcing SABIC's development prospects here," he said, adding that SABIC is committed to contributing to economic exchanges between the two sides through continuous investment in China.

"By creating a business and innovation-friendly climate, Guangzhou is attracting advanced economic elements," said Ni Pengfei, director of the City Competitiveness Research Center at the Chinese Academy of Social Sciences. "Guangzhou's influence and international popularity are increasing tremendously."