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"Cloud computing is the engine of digitalization," said Chen, adding that the company has been committed to independent research and development with a global perspective. "Only with core technology can we have core competence."

"China will continue to work towards dialogue and detente, advance political settlement process, and play a positive and constructive role on working towards denuclearization of the peninsula and lasting peace and stability in the region," the spokesperson stressed.

"Chinese companies should increase investment in technology innovation and business model innovation, and the government should guide capable large companies to create a strategic layout at the forefront of technological development," Gu said at the forum held by People's Daily, a Beijing-based national newspaper group.

"Computer vision technologies are being increasingly used in the security and surveillance sector. And its use in smart retail, such as face-recognition-enabled payments, is also very fast. China excels in applying cutting-edge technologies to daily consumption scenarios," Song added.

"China's rate of account ownership – a basic metric of financial inclusion – has increased significantly and is now on par with that of other G20 countries," while having the world's largest agent banking network, a press release on the website of the World Bank said on Sunday.