Working together is crucial in upgrading technology

It is vital that the country's companies continue to upgrade their operations in the next five years as part of the "Made in China 2025" drive. Partnerships with overseas players in advanced technology will increase China's competitive edge, according to Andy Cheung, managing partner with Ernst & Young in greater China.

"The country has done an excellent job, but timing is crucial if China is not to lose its edge," he said, adding that manufacturing rivals in countries such as Indonesia and Vietnam are improving their infrastructure and labor skills.

To do this, Cheung has called for greater international collaboration when it comes to technology and other key services. This will help increase momentum as the nation pursues the "Made in China 2025" strategy, which centers on technological development in a move to revamp the manufacturing sector in the next 10 years.