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Another highlight of the festival was the opening film, Where Has the Time Gone, the first of its kind co-directed by several individuals from China and other BRICS countries.

Another tech major Oppo is also jumping onto the bandwagon. The company is recruiting chip professionals to beef up its smartphone design department and it is working on a coprocessor, a processor used to supplement the functions of the primary processor.

Apart from the piloting of a registration-based IPO system on the ChiNext board, China has rolled out a raft of measures in recent years to make key institutional innovations, including the establishment of a sci-tech innovation board and the reform of the National Equities Exchange and Quotations, or the "new third board."

Another signature product series Gree brought to the US market, patented packaged terminal air conditioner variable refrigerant flow (PTAC VRF) series, not only is free from fossil fuels, but is also very quiet and energy efficient.

Apart from being a major production and research and development center, China will also be a major consumer of its products, the company said.