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As Chinese-made high-end intelligent equipment, China's new generation of information technology, new materials, new energy vehicles and other emerging industries are highly sought after in many parts of the world, regional development of the Guangdong-Hong Kong-Macao Greater Bay Area, the Yangtze River Delta and the Beijing-Tianjin-Hebei city clusters will help create a number of leading cities, supported by the agglomeration of industries in surrounding areas.

As Chinese telecom operators make steady progress in rolling out the 5G network across the nation, more traditional industries have embraced the technology to upgrade their operations, just like the Xiangtan steel plant.

Appliance makers in China have set their sights on providing "smart solutions" and expanding their market outside China.

As Lance explained, small and medium-sized enterprises in the private sector are likely to account for the most layoffs this year, which is largely due to the difficulty in financing. Some larger companies will downsize their head count this year as they may have expanded faster than they should over the past few years, he said.

Apple, Facebook, and Alphabet also report quarterly earnings Thursday.