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As a deputy to the 13th National People's Congress, Zuo brought to this year's two sessions a range of suggestions to attract young talent to work in the countryside.

As he put it, reform has set China on a rapid course of development. Penaranda mentioned China's progress in e-commerce, mobile payments and the pioneering high-speed railways in particular. All these have changed people's lives at home and also impacted those in the close vicinity of China, such as the Philippines, he said.

As Z/Yen explained, Shanghai's consolidation of its position in the global financial market can be largely attributed to China's further opening-up, especially in the financial sector. In light of this, the municipal government of Shanghai has also sped up its financial opening-up. On the other hand, the business environment has been improving, with Shanghai ranking seventh globally in this category this year.

As a result, Nikon laid off 1,000 employees in Japan late last year, which was around 10 percent of the company's total headcount in the nation. Canon reported a 10.5 percent decline in its turnover for the 2016 fiscal year. Fellow Japanese camera maker Ricoh said in April that it might close its consumer digital camera business.

As Steve DelBianco, executive director of e-commerce trade group NetChoice told ComputerWorld: “Failing to require that states simplify their tax systems before enacting these new taxes is putting the cart before the horse.”