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"Commercial war is not the proper answer to this evolution," he said. "A commercial war ... is not consistent with our mission, with our history, with our current commitments for the global security. At the end of the day, it will destroy jobs, increase prices and the middle class will have to pay for it."

"Clearly, we see now that China is driving into a more sustainable economy, caring more about the environment, growing the service sector and really trying to become a leader in innovation," he said.

"China today is roughly where South Korea, Japan were when they began the period of rapid economic growth," he said. "There should be a substantial potential for further convergence."

"Chinese consumers are taking note of the benefits of owning an electric vehicle. Today we're seeing a massive opportunity emerging for hybrid vehicles and fully electric vehicles are also growing in popularity," said Olive Zhang, vice-president of Nielsen China.

"Currently, private businesses create 80 percent of China's jobs, but only share 20 percent of the social resources. The president's speech shows that the private sector is an important part of China's economy and the country will continue to support the development of companies in the private sector," Dai said.