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As for financial performance requirements such as net assets, which were revised down to 20 billion yuan (about .82 billion) in the new version, the draft suggested using performance indicators of the applicants' headquarters overseas.

As a company, we also believe we have a role to play in overcoming these challenges and improving the lives of the communities in which we operate. For example, Yum China has implemented a series of signature corporate social responsibility programs designed to complement the government's poverty alleviation goals and priorities, including the One Yuan Donation Program, which encourages consumers to donate one yuan to help children living in impoverished areas across China gain access to nutritional meals.

As for the GDP target, China needs annualized growth of 6.3 percent in 2018-2020, according to the office of the central leading group on financial and economic affairs. Its economy expanded 6.9 percent in 2017.

As a result, the bad loan ratio dropped from 4.68 percent at its peak to 2.26 percent by the end of June 2017, while economic growth topped 8.4 percent by the end of the third quarter, among the fastest pace in years, said Zhou Jiangyong, Party chief of Wenzhou.

As for Xi's pledge to develop a modernized economic system, Shantz said that the CCBC is looking forward to more steps in the next five years that will translate the Chinese leader's vision into initiatives.