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"China's industrial development is improving month-by-month as a slew of policies by the government take effect," said Xin, adding that some changes also took place.

"China's fast-growing digital and 5G technologies will also provide a solid foundation for its manufacturers going forward. This will benefit greener, more efficient and sustainable industrial development in the park," said Ma Yu, a researcher at the Chinese Academy of International Trade and Economic Cooperation in Beijing.

"Chint has been actively integrating and promoting productivity in foreign countries, including the construction of its logistics centers, which deepens its overseas channel," said Tang Xuewen, an analyst from Shanghai-based Everbright Securities, in a report.

"Companies are facing challenges because most of them lack the core competitiveness. It's a good thing for the market to decide who can survive and who should be kicked out," he said.

"China started operating its first maglev railway more than a decade ago but has since concentrated on conventional high-speed rail because it was hindered by many critical technologies at that time," said Sun Zhang, a railway expert and engineering professor at Shanghai Tongji University.