The tax reduction and capital support policies for nonpublic enterprises' technological projects are encouraging, said Zhang Yunfei, founder and chairman of Yunzhou Technology, a leading Chinese maker of unmanned surface vessels in Zhuhai, Guangdong province.

Yunzhou Technology has undertaken and heavily invested in a number of national-level technological projects, Zhang said, adding the projects usually feature a long investment return cycle.

Massive tax reductions and financial support for nonpublic enterprises' key technological projects are encouraging those firms to invest more in scientific research and innovation, which would help to advance the nation's industrial upgrade, he said.

Yunzhou Technology is able to invest in more research into cutting-edge USV technologies, and in establishing related standards to strengthen its core competitiveness, he said.

Yao Zhiqiang, co-founder of artificial intelligence company Cloudwalk, said President Xi Jinping's call for more efforts to develop the new generation of AI excited him. His company specializes in facial recognition technology and is based in Guangzhou, capital of Guangdong.

Yao said President Xi's speech was the first official recognition of the development direction of AI technology, which indicates the broad direction of the country's economic transformation.

"It firms up our determination to innovate and invest in fundamental research in AI," he said.

On AI's future leading role as noted by President Xi, Yao said AI would be key in profoundly transforming quality of life and production, and would be found everywhere in daily life.

Cloudwalk is researching more ways to apply AI in sectors including financial services, security and transport. It is also looking into opening up its platforms to allow startups to integrate their technology and applications when they lack data or technology.

The Guangdong provincial government announced on Nov 7 its upgraded measures for promoting the quality development of the private sector.

Unveiled in the form of a 10-point plan, the measures cover fields such as market access, cost reductions, access to financing, public services, innovation, human resources and business-government relations.

The provincial government pledged to reduce the time needed to register a new company to within five working days by the end of the year. By the end of November, the entire process will be conducted at a single counter.

It also vowed to safeguard the right of private capital in participating in public-private partnership projects on a fair basis, and to support private enterprises in taking up major technological projects.

The local government said it aims to establish small and medium-sized enterprise service centers in all cities and counties in the province by 2020.

The private sector generated added value of 3.78 trillion yuan ($545 billion) in Guangdong in the first three quarters of this year, up 7.1 percent year-on-year and accounting for 53.6 percent of the region's GDP, according to the provincial statistics bureau.