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As the first large Verbund petrochemical project solely owned by foreign capital in the country, the project signals China's further opening-up measures are being implemented. It will push Sino-German cooperation in the manufacturing sector to a new level, Li said in the letter.

As reforms have entered a "deep-water zone" and many easier tasks have already been accomplished, officials should make more efforts to "shoulder the hardest burden," experts said.

As well as Chinese high-tech companies, its telecom operators are also eager to participate in formulating 5G global standards and promote commercialization.

As technology giant Huawei faces the apparent rise of protectionism in Western countries, leading European industry insiders and academics suggest the Chinese company should focus on nurturing its solid ties with key existing overseas partners in order to wade through difficult times.

As the Chinese currency -- the yuan -- is not freely convertible under the capital account, the central bank has to purchase foreign currency generated by a trade surplus and foreign investment in the country, adding funds to the money market.