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"Considering that the Chinese economy has not yet completely returned to normal, those industries and companies hard-hit by the pandemic are still facing relatively high pressure, and their ability to repay loans continues to weaken," said Belinda Zhang, PwC China financial services partner.

"Chinese exporters are no longer manufacturers focusing on intensive production and lower pricing to compete in the global market," said Xu Bing, spokesman of the Canton Fair.

"Chinese carmakers are going to complete the deployment process of Industry 4.0 in less than two years, while their German counterparts took five years," Hecker said in an interview on Thursday on the sideline of the forum.

"Chinese banks should ensure that foreign investors can freely remit yuan-denominated returns from profits and stock dividends," it said. The move will encourage foreigners to use the Chinese currency for direct investments into the country, it said.

"Considering our huge population base, we lag behind the world's top level, but we're making small and steady growth every year," Wei said.