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Another key driver of domestic consumption and economic growth is China's urbanization, which could give rise to stronger demand for production materials such as steel and cement, he said.

Announcing the departure, a State Department spokesman said Akard's deputy, Diana Shaw, would become the new acting inspector general.

Another chemistry prize was awarded to German carmaker Volkswagen for "solving the problem of excessive automobile pollution emissions by automatically, electromechanically producing fewer emissions whenever the car is being tested".

Apart from tourism, the utilization of Alipay will also enable faster growth of business exchange between China and Finland, said Antti Aumo, Vice President of Finpro.

Apart from Honeywell, other international conglomerates are also attracted by China's growing market and looking to diversify their development in China.