Ning Gaoning, chairman of the State-owned Sinochem Group

Ning Gaoning, chairman of the State-owned Sinochem Group and a member of the 13th National Committee of the Chinese People's Political Consultative Conference, speaks at a press conference in Beijing, March 8, 2018. [Photo/VCG]

Ning said he is optimistic about the future of manufacturing upgrading in China, and both market and policy have played important roles in the progress.

"Supply-side structural reform has played a vital role," he said. "As well as the government support, in industry, technology and tax aspects, are all bringing profound changes to the sector. I believe the ongoing manufacturing upgrading in the country will be similar to the internet technology industry and see a big leap in the coming years."