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"But we do not have star models and high-end brands competitive at the global level," Xu Chaoqian, an official at the Ministry of Science and Technology, said at a forum on automotive industry development earlier this year in Tianjin.

"But the entry barrier is a lot lower for online literature. We have seen an influx of novel writers onto our platforms. Stiff competition spurs high-quality creations," he said.

"Capital market development has become more important than ever," Li said, adding that the registration-based new share sale reform lies in at the core of capital market reforms, as it will give full play to market forces in supporting innovation.

"But they understand now," he said, speaking in Chinese, as did all the students who were interviewed.

"China has already stopped focusing on the growth of its trade volume, and pays more attention to added value, brand building and structural optimization, so that the country can realize a transformation from being a big trading nation to a strong one," said Xue Rongjiu, deputy director of the Beijing-based China Society for WTO Studies.