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"Furthermore, harnessing cultural and geographical resources helps with poverty alleviation in less-developed areas, reduces the gap between villages, counties, and cities and promotes a more balanced and sustainable development of the whole area," Zhou said.

"Given the rising external uncertainties and the possibility of escalating tensions with the US, structural reforms to broaden the home market and boost domestic demand will help China offset some negative impact from a deteriorating external environment and shrinking external demand," Zhang Ming, an economist at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, said in a research note.

"For example, if you look at the manufacturing sector today and compare it with the roles five years or a decade ago, they are fairly different. Chinese companies should continue to adapt this trend and embrace some new technologies to enrich their operations at both home and overseas," he said.

"Fintech and education companies accounted for most of China's IPOs in the US, reflecting the latest development trend of China's new economy," said King Li, EY assurance partner.

"For AppLovin, we like to make games with global appeal with gameplay that's easy to pick up but challenging to master. We have the expertise to help Chinese developers during their process of going global," Foroughi said.