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"Chinese banks have faced greater pressure in recent years to supplement capital, especially when the tightening regulations require off-balance-sheet debts to return onto the balance sheet," he said.

"China, as the largest market in terms of the amount of data, is really using AI to add value to traditional businesses," said Lee.

"China's economy is moving from high-speed development to high-quality growth," Xin Guobin, vice-minister of industry and information technology, said during the opening ceremony. "We will continue to boost the healthy development of smart manufacturing, strengthen the construction of industrial internet and public service platforms, build the ability to protect data security, cultivate a group of talents good at both manufacturing technologies and the application of informatization."

"China will soon officially launch virtual network services, and we welcome foreign companies to join the industry," MIIT said.

"China should refrain from monetary overflow in the face of downside risks, as this could cause long-term capital outflow pressure," Yang said. "Instead, the monetary authorities should focus on re-channeling money supply occupied by low-efficiency sectors into more vibrant private enterprises."