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"CATL, thanks to its world-leading technologies, is expected to rival traditional battery manufacturers like Panasonic Corp and LG Chem Ltd, and take the lead in the global market," said Mo Ke, chief researcher at ReaLi Research, an institute focusing on lithium battery industry.

"Changzhi has been gradually transitioning its development mode from one that relies on consuming resources and materials to one that is more high-end and depends on technological innovation, talent, and a continuous and cyclical use of resources," the reform commission said in a statement.

"China has undertaken substantial efforts to improve the domestic business climate for small and medium-size enterprises, maintaining an active pace of reforms," said Martin Raiser, World Bank country director for China.

"China is undoubtedly a leader in the sharing economy, which is closely integrated with the digital economy and undoubtedly one of the key innovations in recent years."

"China contributed to the global wage growth," said Su Zhongxing, dean of Human Resources Management at Renmin University of China. "China has a large labor population. What's more, its wages grew rapidly in recent years. These factors obviously will help the world's average wage rise."