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"Compared to the demands of application scenarios for AI algorithms, the supply is less than 1 percent," Yin said. That is especially the case when it comes to facial recognition technology's application industries such as transportation and finance, which have stringent demands for precision, security and safety.

"China's tremendous success in lifting the majority of the underprivileged people out of poverty in over a little more than 30 years is a feat that is unparalleled and truly inspiring," said Mark van den Boogaard, senior policy adviser for the United Nations Development Programme.

"Chinese consumers have shown huge enthusiasm for 5G smartphones, which has outpaced our expectations," Lei Jun, founder and CEO of another leading smartphone vendor Xiaomi Corp, said at the WIC.

"Coffee, chocolate, Russian candy... I bought some of their local products that I had heard about. I think they're pretty good," said Xue, a visitor from Harbin, who walked in a grocery store and decided to buy some souvenirs for his friends.

"Companies with continuous losses and high debt-to-asset ratios will face risks, along with private construction, coal, logistics, real estate, and small thermal power companies," he said.