Putting slashing taxes high on the work agenda of the Chinese government this year sends out a very positive signal to entrepreneurs and will help companies better deal with challenges, said Yang Yuanqing, a deputy to the 13th National People's Congress and chairman of Lenovo Group Ltd, the world's largest personal computer maker.

According to Yang, the Government Work Report is very practical and is filled with inspiring messages for entrepreneurs.

"The government's plan to cut taxes for manufacturing can help enterprises better fend off potential risks associated with economic slowdown. In the long-term, it also will help build a better market mechanism. It is a very positive development," Yang added.

In his suggestions to the National People's Congress, Yang called for more efforts to integrate artificial intelligence with the internet, to create more "efficiency dividends" and to promote high-end manufacturing in China.

"Traditional sectors need to pounce on the opportunities brought by AI and 5G to upgrade themselves and create more dividends by significantly boosting efficiency," Yang said.

According to Yang, leveraging AI to accelerate the digitalization process in companies from all sectors will greatly boost the development of China's push to move upward in the global industrial chain.