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"Carriers must connect as many small cities as possible to their hub airports to remain competitive. The sustainable growth of regional aviation is the core competitiveness of the Chinese airline industry," said Li Guijin, a professor at the Civil Aviation Management Institute of China in Beijing.

"China has seen robust development since its reform and opening up, but the country's manufacturing industry lags far behind many developed countries, particularly with its limited integration of industry and information technology," Wang said. "This has severely restricted China's manufacturing competence as well as its international competence in this regard."

"China is now a fascinating place for foreign investors. I have seen China become much more open toward foreign direct investment," said Khaldoon Khalifa Al Mubarak, group CEO and managing director of the Mubadala Investment Company.

"China becomes more self sufficient in chipmaking and it will make it difficult for western suppliers. That's the nature of business and competition. We think it's a good thing because it forces innovation on both sides of the ocean," Bingham said.

"China has been the only country that is able to manufacture a wide range of industrial products. In fact, China was the world's largest manufacturing country for over 220 out of 500 kinds of major industrial products," he said.