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"Cheap and abundant labor is the most often-mentioned comparative advantage of developing countries. However, this has not been the only reason for the robust development of China over the past four decades," said Fan, also chairman of the China Development Institute.

"China can seize the newest trends in technology by attending SXSW. The event also functions as a big incubator — data show that about 10 percent of the companies at SXSW were acquired after the event. Many startups go to SXSW to look for opportunities while others go there for inspiration and ideas," Forrest said.

"China is one of the world's most important education markets. This is why we launch the product first in China. With the country's surging demand for STEAM talents, we hope to establish a new educational ecological system. In the future, we will develop more courses and introduce more STEAM educational products in the coming years," said Masaaki Isozu, CEO of Sony Global Education.?

"China has developed rapidly over the years, but over the next five years, we would expect it to develop even more rapidly on the back of more and more innovation," he said.

"But the issue before us is not whether to denounce the statements. It is instead the significance of those statements in reviewing a Presidential directive, neutral on its face, addressing a matter within the core of executive responsibility," he said