In particular, the US has strengthened its efforts to ally with other countries to curb the development of China"s chip industry.

While such external pressure has caused only limited disruptions to China"s industrial upgrade so far, it will likely create a paradoxical outcome. External oppression, Zhao said, will motivate China to increase its self-reliance in key areas, enhance the resilience of its industrial and supply chains, and proactively transform and upgrade the value chains with a digital and green approach.

Zhao"s view is in line with the report to the 20th National Congress of the Communist Party of China in October. The report said the main objectives and tasks for the nation in the next five years include making breakthroughs in promoting high-quality economic development and achieving greater self-reliance and strength in science and technology.

The goals include making new strides in reform and opening-up, further improving the socialist market economy and putting in place new systems for a higher-standard open economy.

"China"s advance in institutional opening-up with regard to rules, regulations, management and standards will boost the productivity of the economy," Zhao said, adding that rich experiences gathered from bold trials at pilot free trade zones and the Hainan Free Trade Port are expected to be promoted and applied in other parts of the country at a fast clip.

Executives of many companies around the globe acknowledge the benefits of globalization. Experts believe that stretching the concept of national security and distorting the global value chains will only harm everyone.

Cristiano Amon, president and CEO of US chip giant Qualcomm Inc, said in late March that the company, in providing technologies and semiconductors for wireless communications, power-efficient computing and artificial intelligence, has worked closely with other companies across industries around the globe, including those in China.

Such collaboration and cooperation, Amon said, is the way forward to innovate, advance the development of society and drive economic growth.

"Qualcomm has a long history in China that spans nearly three decades. We are proud of the deep relationships we have built over the past 30 years ... and the new partnerships we are building today," he added.

Ma Si contributed to this story.