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"China is putting more focus on quality and sustainable growth driven by industrial upgrades and structural transformation, all powered by innovation. We believe this direction will make a significantly positive impact and generate tons of opportunities," Gibbs said.

"But the competition will be even more fierce than in shared-bikes," he told a forum organized by US tech media TechCrunch on June 19 in Shenzhen. He said the winners in the battle would emerge in about half a year.

"But the indexes are unlikely to jump dramatically," Liu said.

"China has a population of 1.4 billion, of which 400 million are considered as middle-income, which means there's a huge domestic consumer market with rapid growth potential," he said. Therefore, he added, China's foreign trade partners and investors have attached more importance to the Chinese market.

"By cooperating with Chinese companies, overseas steelmakers can gain more share in the country's steel market, which is the largest in the world," Xu said, adding Chinese companies can cooperate with foreign steel giants on advanced technologies to improve the competitiveness of their products.