Dual circulation at heart of economic strategy

Innovation needed

According to the National Bureau of Statistics, China has more than 400 million middle-income residents and eradicated absolute poverty last year. Annual per capita GDP topped $10,000 for the second year in a row last year.

But Liu said more reforms are needed to build a new development pattern, especially in spurring innovation in key technologies, industries and products. "Without innovation and breakthroughs," he said, there will be "a bubble-like cycle without real effects".

Business leaders have seen more development opportunities as the nation steps up reforms to build a stronger domestic market.

Saravoot Yoovidhya, CEO of Thai beverage company TCP Group, said that its business will benefit from the new strategy, as it is expected to stimulate China's huge consumer base to spend even more.

"With Chinese consumers demanding healthier, higher-quality, and more premium products, TCP is dedicated to fulfilling those evolving needs by continuing to provide our increasingly nutrition-conscious customers with exciting new product offerings," Yoovidhya said.

The new strategy will also help the country mitigate the effects of a more challenging external environment while further accelerating balanced, sustainable and inclusive growth, he added.

Lily Ma, managing director of Nutanix's China business said the country's rapid digital transformation has brought the US cloud computing software company more growth opportunities.

The company is excited to see that China is enhancing and upgrading national information technology infrastructure and will spend more to develop business in the country, Ma said.

Ouyang Shijia contributed to this story.