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"Garbage sorting should become a fashion in the society, and I encourage everyone to participate in this initiative," he said. "For the next step, the municipal government will ensure the newly approved regulation will be well implemented."

"Foxconn may encounter some difficulties in the chip design field, and the easiest method is to acquire some semiconductor companies," said James Yan, research director at Counterpoint Technology Market Research, adding that the company's bargaining power will obviously increase if it successfully enters the semiconductor design and manufacturing sector.

"From a micro and macro perspective, I think it has to do with the emancipations of productivity in a sort of growth of China," he said. "When a country has grown in a double-digital manner for the past two decades, what it basically means again from an economic perspective, you have a great demand that is so upgraded by the State owner."

"Governments should substantially reduce their role in direct resources allocation, and channel more energy into macro regulation, public services, market supervision, social management and environmental protection," said Yang Weimin, deputy head of the Office of the Central Commission for Financial and Economic Affairs.

"Going forward, we expect to see more IoT applications in various fields. Right now we see that already happening in transportation, security, and environmental protection," said Wang.