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"China's remarkable progress in reducing extreme poverty has significantly contributed to the decline in global poverty," said Hoon S. Soh, World Bank program leader for economic policy for China.

"Consumer demand of the 1.4 billion population is changing, and the Chinese people need more imported goods to meet their demands, which means a huge potential for growth," said Victor Gao, vice-president of the Center for China and Globalization.

"Chinese aviation industrial players are responsible for more significant manufacturing jobs, such as producing composite material components for global aircraft manufacturers. This showed that they have become more skilled and recognized," said Lin Zhijie, an aviation industry analyst and columnist at carnoc.com, one of China's biggest civil aviation websites.

"Considering that the aircraft faces uncertainties in its airworthiness, after looking into the matter, the administration decided to suspend Boeing 737 MAX 8 airworthiness certifications immediately," the Civil Aviation Administration of China said in a statement unveiled on Tuesday, adding that the ongoing investigation had not ruled out design flaws in the aircraft.

"China's AI industry is leading in applications compared with other countries," said Yuan. "We lack innovation in ideas since there exists a large gap between research institutes and enterprises."