"Domestic manufacturers should introduce advanced technologies and adopt an innovative approach to drive business growth," said Dong, during an industrial forum, which was held in Zhuhai, Guangdong province, on Tuesday.

Over the past few years, development of core technologies had helped ensure the Guangdong-based company to diversify its products and grow its business amid falling global demand, according to Dong.

"Gree was considered a traditional home appliance manufacturer, which is marked by labor-intensive processing and lower industrial value. But we have adopted a proactive approach to investing in technology and research, which helped make us competitive in the global market," said Dong.

With sales of more than 140 billion yuan ($21.96 billion) in 2014, Gree is now among the Fortune 500 companies.