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"China will always be the builder of world peace, contributor to global development and the defender of the international order," he added.

"Companies are facing challenges because most of them lack the core competitiveness. It's a good thing for the market to decide who can survive and who should be kicked out," he said.

"China's economy is moving from high-speed development to high-quality growth," Xin Guobin, vice-minister of industry and information technology, said during the opening ceremony. "We will continue to boost the healthy development of smart manufacturing, strengthen the construction of industrial internet and public service platforms, build the ability to protect data security, cultivate a group of talents good at both manufacturing technologies and the application of informatization."

"Climate change is really slamming the land," said World Resources Institute researcher Kelly Levin, who wasn't part of the study.

"China sales account for 6 percent of our total revenue, and we hope to increase the figure to 15 percent in the near future," said Pharoah, adding that consumers are evolving with individual demands.