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"But we are still facing big challenges in producing reliable core components, and many products are still mid-tier to low-end. We hope the roadmap can serve as guidance for companies to cultivate innovation and upgrade their plants," Xin said.

"China customs will enhance the innovation side and the application of the new technology, and we aim to implement smart customs throughout the country by 2025," said Ni.

"China has worked on similar regulations in the past, but the key is in the fine details and the severity of the punishment," he said. "Defining the rules and operational mechanisms for the ethics review board is also a very important and specific task."

"China has the world's most complete industrial system with the most diversified sectors and vigorous domestic demand," said Pang Xingjian, senior vice-president of Schneider Electric China, adding the epidemic and its recent impact on factory business will push more Chinese companies, especially small and medium-sized enterprises, to focus on digital transformation for robust growth.

"China has more than 100 million market entities and about 1.4 billion people. There is a huge market behind the improvement in public livelihood and the upgrading of consumption," he said.