The supply-side reform would rely a lot on entrepreneurs, innovators and government officials' joint efforts, said a leading economist.

Gu Shengzu, a member of the Financial and Economic Affairs Committee of the National People's Congress, said that the implementation of the supply-side structural reform would rely on three main players: entrepreneurs who would actively participate in the reform; innovators who could actively make new products and technology, and government officials who would actively make moves to help implementation of the policies. Without their active participation, the implementation of reform will be difficult.

During the 18th China Entrepreneur Salon, which is regularly held during China's "two sessions", referring to meetings of National People's Congress, the top legislature, and the Chinese People's Political Consultative Conference, the top advisory body, entrepreneurs and economists were invited to share their understandings about topics related to the government report.

Nan Cunhui, Nan Cunhui, president of the Chint Group and member of CPPCC national committee, said Chint has actively participated in reducing overcapacity, and has set the target at minus 10 percent. Last year, it was about minus 8 percent.

"Demand-side theory is market demand oriented and meeting the market's needs. The supply-side is that you need to create demand, like the iPhone does, and you need technology and ability. At this changing times, all entrepreneurs should integrate resources in different fields and make continuous creation,” he said.

He said the company has hired about 400 experts to go through more than 200 products in past six months to find any problems, and now they will put forward new products and get rid of the old ones.

"This is painful, but we have to do that. And I feel confident about it," he said.