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"Governments at all levels must take improving the business climate as a key measure for stimulating market dynamism. Just as the tax and fee cuts are designed to lessen corporate burdens, improving the business climate is meant to serve the same purpose. In the face of fierce international competition, we must tackle all the areas of weakness in our business environment, such as access to credit and bankruptcy filing," Li said.

"Financial reporting quality of overseas listed Chinese firms has improved substantially in recent years. It is nearly impossible to see a rather large batch of Chinese firms face short sell attacks as we saw in 2010 and 2011," said Dong Dengxin, director of the Finance and Securities Institute at the Wuhan University of Science and Technology.

"Hats off to the spirit of the older generation!" said another.

"Global trade tensions are escalating, which has weakened external demand and given export-intensive small businesses a shock. The output and order volumes of some export companies have been affected and they face future uncertainties," said the white paper.

"Foshan is deeply involved in international cooperation and is committed to building a world-class Bay Area and a world-class city group," Zhao said.