China's companies need to work with foreign firms to develop personalized products that cater to domestic demand as the nation enters the middle-income bracket, Premier Li Keqiang said at the opening of World Economic Forum's Annual Meeting of the New Champions in Dalian on Thursday.

Growing numbers of people with greater spending power want more diversified and tailor-made products, and this in turn will lead to new areas for cooperation, as compared to 30 years ago when China was known for exporting to the world, Li said.

Advanced foreign concepts, technologies, and especially talents, are in need and the Chinese government will spare no efforts to protect intellectual property rights, said the premier.

"The government will continue to make China the most appealing investment destination," Li said.

Half of the restricted areas for foreign investment have been reduced so far this year, as the nation keeps opening up to the world.

Raised by the premier last year, the innovation and mass entrepreneurship initiatives have been dubbed as China's new growth engine.

Andy Cheung, managing partner of assurance of Ernst & Young Hua Ming, said: "Encouraging innovation and technology transfer will be the key in transforming China's manufacturing sector," adding that the authorities seek to achieve this goal through more financial and taxation incentives, and have promised to cut red tape to unlock creativity.

The fast-developing global sharing economy is a new way to drive up economic growth, where more people can participate to start their businesses and innovate through sharing and cooperation, said Li.

Arun Sundararajan, a professor at the Stern School of Business of New York University, said: "China is the biggest potential market in the world for the sharing economy," adding that sharing platforms will lead to an increasing number of new businesses.

Under the theme "Charting a new course for growth", the three-day summit aims to inspire innovation, cooperation and partnership.