Finkelston is impressed by the Fuyao Group, a Chinese glass producer now building its own auto glass plant in Russia, after 10 years of selling auto glass to the Russian market. With the Russia's growing appetite for cars, Fuyao decided not just to respond, but to pre-empt the market.

"China has the opportunity to shift from producer to innovator by investing in other emerging markets," said Finkelston, commenting on Fuyao's Russian investment.

Aston Martin plays 'Made in China' blame game

China's big names have big global ambitions. WeChat, a messaging smartphone app created by Tencent, has become the world's 10th most popular social network in terms of active users, according to GlobalWebIndex. Available in 18 languages, WeChat is biting into the user base of WhatsApp and Line in many parts of the world.

Lenovo took over Motorola's handset unit in January, nearly a decade after buying IBM's ThinkPad business. The world's largest PC producer is expected to become the world's No 3 smartphone maker.

The US magazine Fast Company put China's smartphone maker Xiaomi third on a list of the world's most innovative companies, for "reinventing the smartphone business model in the world's largest mobile market." Of the magazine's top 10 for China alone, nine companies are engaged in IT, biotechnology and high-end manufacturing. Fast Company said Chinese enterprises are ahead of the field in spheres such as wearable tech, smartphones and mobile Internet.

"China is redefining its position in the world through innovation, and is inching up in the global value chain," said Liu.

The government will continue to target emerging industries such as new energy vehicles, biotechnology, new materials, high-end manufacturing and energy efficient technology as sectors for future growth, predicted Rutkowski.

Chinese Premier Li Keqiang said last week that China will put innovation at the center and upgrade industries to win an even higher place in the global value chain.

To move up the value chain and deliver more sophisticated finished products, China needs to become an inventor and find fresh ways of delivering services, said Finkelston.

"If done right, this can ensure inclusive growth in China and abroad," she added.

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