According to Merck, although the Chinese economy has entered a "new normal" phase, the demands of its 1.3 billion people continue to increase, which is a driving force for economic development.

For Xu Li, CEO of SenseTime, a domestic IT company, "the emphasis on innovation is in itself an important aspect of supply-side structural reform."

Xu believes that the innovation-driven growth model is good news for his company, which excels in innovation.

"Artificial intelligence technology not only improves the efficiency of existent industries, it also gives an added impetus to the emerging industries in general," said Xu.

Ma Tingjiao, co-founder and CEO of Internet finance service provider Linkface, said AI will become more accessible to the general public "on the back of continued innovation."

While supply-side reform holds enormous promise, patience has been advised.

China's leading newspaper People's Daily has cautioned that the supply-side reform "undoubtedly won't be easy and cannot be achieved in one go."