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Clyde applauded China's efforts related to data security laws and regulations, which he described as a great step. He said China has the largest number of internet users and pays attention to improving its capacity in information and cybersecurity.

Cliff Sheng, co-head of China at Oliver Wyman, said on Wednesday: "In the past, non-standardized debt assets used to form a major part of the underlying assets of banks' wealth management business in China ... Under the new regulatory policies, however, part of the debt assets will turn from shadow banking assets into consumer finance assets and supply chain finance assets. The rest of the debt assets will turn into open assets in the secondary market or private equity assets. The latter two segments of assets will flow out of banks."

Clarifying the two centenary goals, the CPC also rolled out a two-step approach to making China into "a great modern socialist country that is prosperous, strong, democratic, culturally advanced, harmonious, and beautiful by the middle of the century."

Christian Dunlop, a real estate agent and actor who lives nearby, said he was watching from the corner when he saw four people flee out the front of the store. An employee was dragging an injured woman by the hands out the front door, he said.

City data showed local big data businesses generated about 40 billion yuan in sales revenue last year, up more than 100 percent year-on-year, providing a strong impetus to companies like Meiya Pico to expand further.