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"Consumers nowadays have become increasingly sophisticated and therefore look for value before paying a premium price," Li said.

"China will further open up its market, we open our arms to embrace foreign businesses that will invest in China," Li said while visiting a wholly owned subsidiary of Germany's Bosch Group in Changsha, capital of Hunan province.

"Chinese brands will step further onto the global stage with their products, technology, management and investment, which will bring benefits to people across the world," he said.

"China started 5G research experiments in 2016, and entered the third stage of system verification this year," Wen Ku, head of the MIIT information and communication department, said at the ongoing first Digital China Summit in Fuzhou, capital of East China's Fujian province.

"Compared to seven years ago when the cost of starting an internet-related business was record low, such cost under the age of AI is high," said Lee Kai-fu, adding that AI research should go beyond borders.