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"China's AI industry is flourishing currently, epitomized by the fact that an increasing number of tech breakthroughs are being made. AI is also being applied in a string of vertical industries," said Chen Zhaoxiong, vice-minister of industry and information technology.

"Compared to long-term growth of the overall market and certain sectors, active investing quite often records lower growth and yields.

"China's equity market is experiencing a big 'physical examination' this year but the sector needs such adjustments for the survival of the fittest," he said.

"China's mobile industry has been a key driver of economic growth, inclusion and modernization－creating a new generation of digital consumers and transforming industry and society," Granryd added.

"Chinese consumers, especially the young generation, have significantly increased their trust in local big brands. This signals a very positive sign for the rise of Chinese brands," said He Xiaoqing, partner and head of consumption and retail industry at AT Kearney Greater China.