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"China's construction machinery producers are gradually losing their low-cost labor advantage and do not yet have the best technologies to lead the industry on a global scale. Chinese companies must act quickly to retain their domestic market lead," said Zhao of the IIE.

"Culture constitutes a meeting point for everybody in the world. China is building, through its Belt and Road Initiative that strives for peace, a great new phase in our region," Mortada told Xinhua on the sidelines of the ceremony.

"China's economy is on a recovery track as before thanks to several stimulus packages from the Chinese government," Piao Renjin, an analyst at NH Investment & Securities in Seoul, told Xinhua.

"Customized solutions can be offered to large manufacturers with complex needs for digital transformation and tried-and-tested package solutions to small businesses so that they can be connected at a lower cost," Zhang said.

"China's 'new infrastructure' initiative presents exciting opportunities for global companies. It is clear that many of our customers in different sectors need to enhance their manufacturing capability, such as new energy vehicles, railway, 5G equipment, logistics and healthcare," said Atiya, who is also a member of ABB's group executive committee.