"China has to foster a more competitive edge in exporting its manufacturing capacity by capitalizing on the country's opening up and economic restructuring plans," Liu added.

From made-in-china to designed-in-china & served-by-china

Previously known as the low-cost factory of the world, China is no longer satisfied with low-value manufacturing.

China unveiled a national plan dubbed "Made in China 2025" to promote manufacturing development on Tuesday.

The country will relabel itself as a high-tech, high-quality and cost effective manufacturer by honing competence in R&D, production, marketing and service along the whole industrial chain, according to Liu.

Meanwhile, Chinese manufacturers will enhance their investment in value-added services related with export products such as technology instruction, maintenance and upgrading and capitalize on the Internet platform to boost service trade.

Chinese manufacturers are taking steps to enhance their export competence with merger plans and technology upgrades.

The country's top two high-speed rail (HSR) makers, China North Railway (CNR) and China South Railway (CSR) are taking consolidation steps to form a new company called CRRC Corp to expand overseas industrial distribution and management.

Other manufacturers in ship-making and power generation will reportedly follow suit.

The government will continue to streamline outbound investment procedures, offer consulting services and improve bilateral and multi-lateral cooperation frameworks to aid Chinese industrial capacity exporters, Gu added.