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As China marks the 40th anniversary of its reform and opening-up policy, Li told leaders at the meeting that, facing the future, China will firmly stick to the broad direction of reform and opening-up; deepen reform and open up wider; and create a business environment that is fair to domestic and foreign investors alike.

Approximately 2.7 million people, or 20 percent of the workforce, either became unemployed or had their hours reduced between March and April, which was much greater than in previous years.

As Leung explained, equipment manufacturing as well as research and development are included in the Made in China 2025 strategy. These companies usually invest heavily in their early days in machines, plants and all other related facilities. It will take a long time before they finally register sales and profits. With the new policy, the VAT can be retained, which means that companies can enjoy a tax rebate when they eventually report sales results. It can largely secure their cash flow and relieve this tax burden.

Apple is betting big on this emerging market. Two weeks ago, its mobile payment service Apple Pay launched its largest-scale marketing campaign since entering China, offering perks including up to 50 percent discounts on purchases for a week.

As China is preparing for the 2017 BRICS Summit in Xiamen in September, analysts say it has become increasingly clear that the past few years marked China's transition from a player in global affairs to a leader of the global agenda.