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Another change is that Chinese parents who decided to let their children study abroad are becoming more sophisticated, as they shift their focus from caring about rankings of the school to caring about the interests and advantages of their own children, said Liu of JLL.

Another source of concern over tech innovation is the fluctuation of cryptocurrencies.

Apart from competitive markets, which can help entrepreneurs choose industries and technologies when giving full play to their comparative advantages, a company's competitive edge also requires suitable infrastructure and sound institutional environment, Lin said. That means governments should coordinate or provide relevant resources to make markets more effective.

Apart from covering a wider range of areas, the new round of self-initiated opening-up focused more on institutional changes, according to Long Guoqiang, deputy head of the Development Research Center of the State Council.

Apart from his scientific research, he is also committed to charity work.