Smartphone entrepreneur Lei Jun says foreign companies should learn from Chinese firms as they start to lead in innovation.

The government should further scale back leaving more room for market to play its role, experts said on a parallel discussion on supply-side reform at the economic summit on Saturday.

The Chinese economy will not transform overnight, but the 13th Five-Year Plan is well crafted and tackles the right issues, says Denis Depoux, vice-president of Roland Berger Strategy Consultants for Asia.

China should switch away from providing subsidies to farmers for grains but rather invest in technology upgrades, according to the director of the International Food Policy Research Institute.

China's Finance Minister Lou Jiwei said he was untroubled by US ratings agency Moody's Investors Service lowering its outlook on China's sovereign credit ratings from "stable" to "negative".

Central bank governor Zhou Xiaochuan said the country will encourage more equity financing to bring down corporate debt leverage.

Finance Minister Lou Jiwei has shrugged off the lowered outlook on China's sovereign credit ratings by US ratings agency Moody's Investors Service.