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"China's governance system has proved to be very efficient in promoting the country's progress and development. ... There is no doubt that Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era has yielded concrete results in Jiangxi," Djuric said.

"China's smartphone market is declining because consumers are holding on to their phones for longer, operators like China Mobile have reduced their smartphone subsidies, and device makers such as Huawei have launched fewer 'wow' models to tempt shoppers back into retail stores. Some consumers are finding their smartphones 'good enough' and are pausing on upgrading," Neil Mawston, executive director at Boston-based Strategy Analytics, said in an email.

"China will insist openness and cooperation for mutual benefit during the process of promoting global standards. With the Belt and Road Initiative, we hope more Chinese standards can step outside to contribute to world development," he said.

"Cross-border e-commerce trade is set to see a year-on-year growth of 50 percent in 2018 from last year," said Zhao Ping, director of the international trade research department under the Academy of China Council for the Promotion of International Trade.

"Currently, private businesses create 80 percent of China's jobs, but only share 20 percent of the social resources. The president's speech shows that the private sector is an important part of China's economy and the country will continue to support the development of companies in the private sector," Dai said.