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"Companies from Europe, Japan and the United States therefore have already discovered that it is time to invest more in Chinese research and development, as well as its science and technology and design businesses," said Feng. "New growth points are expected to present themselves as the economy becomes more sophisticated."

"Conditions in the agricultural sector reportedly improved somewhat, but contacts were concerned about the effect of potentially higher tariffs on their exports," the Fed said.

"Consumers these days are fastidious and want better quality and stylish products," said Xu Hui, a former clothing merchant from Yantai in eastern China's Shandong province, noting that the tendency appears in other sectors such as food, furniture and electronics.

"Companies producing substandard fireworks will be ordered to rectify the problems, while those violating product-safety regulations in the production process will be punished," he said.

"Chinese enterprises are looking at the technologies available－whether it's artificial intelligence, big data or the like－to actually come up with whole-new business models and whole-new approaches to doing things, not just improving the old processes."