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"Green and low-carbon development is key to the industry's high-quality development, and in the past few years, we have made considerable progress," He said during a forum held in Beijing by the China Metallurgical Industry Planning and Research Institute.

"For this opening-up to be meaningful, other deeper systemic and administrative reforms are also needed," he said.

"Generally speaking, conventional manufacturing sectors have been recovering since last November, and the first quarter showed that consumption is growing fast, particularly healthcare and food and beverages," said a research note from China Galaxy Securities.

"Greece has been a genuine friend of China," he said, adding that the next step would be for China and Greece to work on joint innovation projects as the technological modernization in China brings opportunities.

"Gree Electric Appliances, as the leader of China's appliance industry, has made great efforts in green design, especially high energy efficient products. The research and development of a special compressor, our core technology, has helped to improve the company's manufacturing energy efficiency and product energy efficiency. The establishment of GMAC today will further promote China's green manufacturing development and have a positive influence in the whole industry, the nation and society," said Zhang Mingsheng, manager of Technical Department at Gree Electric Appliances.