In terms of local products, the government's efforts in boosting foreign manufacturers' innovation in China will also drive productivity and competitiveness of domestic manufacturers.

What are the greatest challenges your company faces in China, and how will you deal with them?

As in many other countries, Medtronic still faces an uphill task in improving the accessibility to our advanced therapies in China.

To respond to this challenge, we're strengthening localization in R&D and manufacturing to lower product costs, investing in physician and patient education to raise awareness, developing field research projects to establish evidence of cost and clinical benefits of our therapies to the local population, and developing innovative partnerships with governmental institutes to facilitate delivery of care.

Chinese companies have been looking at the US for investment opportunities as they increase their global footprint. What cultural and social issues do they face, and how would you deal with those issues?

China has become the second-largest economy in the world, and Chinese companies have been making investments in the US.

As CNBC reported, there's been an investment influx from China to the US, increasing from about $58 million in 2000 to $14 billion in 2013.

Laws and regulations, language, taxations, labor issues and so in forth are all challenges for the Chinese companies with business in the US Actually, like multinationals doing business in China, localization is one of the best strategies. It is the same for Chinese companies doing business in the US.