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"Consumers have become more conservative spenders," said Xu Ruyi, head of research for Mintel China, which tracks spending across the country's 15 major consumer markets and releases the report annually.

"China will play an active and vital role in prompting the development of the semiconductor display industry, which has a high entry threshold and needs high investment," Li said, while noting China has the best chance of making a breakthrough in this field and expressing confidence in the prospects of the high-tech industry.

"China will push reform and opening-up more actively, and deepen State-owned enterprise and asset as well as fiscal and financial reforms, to implement major opening-up measures previously fixed," said a statement released after a meeting last month of the Political Bureau of the Communist Party of China Central Committee.

"China, having been more like a supplier or subcontractor in the past 20 years, is described as manufacturing giant, big market or lots of money in Europe. But China is not just a manufacturer, there is innovation here and many companies are actively developing robots with their own technological advantages."

"Compared with the policies allowing foreign banks to set up branches in China, in addition to wholly owned subsidiaries and joint-venture banks, or remove caps on foreign ownership in Chinese financial institutions, we pay higher attention to the policies that expand the business scope of foreign banks," he said.