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As China's first overland cross-border gas project, it is key to China's efforts to improve its energy mix and ensure its energy security. It provides around 15 percent of the country's annual natural gas consumption.

Around 14 percent of manufacturers and 12 percent of service firms characterized the increase as substantial, the report showed, noting "the data illustrate a considerably more widespread effect of higher input costs among service firms than in last year's survey."

As 2020 marks the 10th anniversary of China's Guiding Cases System, it's timely for the Chinese leadership to recognize its value and to leverage this success to strengthen the IPR protection, Gechlik said.

Arega also points labor cost being 10 times cheaper than Shenzhen, companies can invest in sectors like textile and apparel and be assured of good return on their investments.

Apple moved from 17th place last year to No. 6 on the prestigious list — the only tech company to crack the top 10. It recorded annual revenue of 6 billion. Wal-Mart led the way with revenue of 9.2 billion, followed by Exxon Mobil (9.9 billion); Chevron (9 billion); and Phillips 66 (9.6 billion).