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"China is making its own business innovations over the past decades. Umpteen businesses, such as online education and food delivery companies, are emerging in the country every day," said Liu Chang, founder and CEO of 17Edtech.

"By closely examining these criteria and measures, we can turn the slogan into science and science into concrete, practical actions," he said, adding China will need more data and quantitative analysis, especially at the local level, to accurately assess the results of modernization.

"China Unicom is losing weight faster and on a larger scale than we expected, which highlights the State-owned heavyweight's determination to rejuvenate itself with new passion," said Xiang Ligang, a telecom veteran and CEO of industry website Cctime.

"China has strengths in production. Today China focuses on production within China and export of those products, but now with the initiative, it is a good opportunity for Chinese companies to invest, for instance, in Spain and produce in Spain with Chinese technology," said Francesc Sanchez, general director of the Port Authority of Valencia.

"China is quickly becoming an important development and production base for BMW's new energy vehicles," said Krueger.