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Apart from supporting small businesses, prevention of financial risks is another focus of the reform package, said Wang Tingting, an associate professor of finance at the Central University of Finance and Economics.

Apart from better living conditions, Drolma and her family also benefit from the government's healthcare, education, and housing system.

Apparently, such a massive transformation won't be easy for China. There was a time when its workforce used to eke out a living by working in old-fashioned factories. But, China's changing economic priorities would mean the workforce issue needs to be handled well during reforms.

Antonio Campinos, president of the European Patent Office, said the videoconference had historical significance. He expects the five offices to step up digitalization and allow closer cooperation by adopting new technologies.

Ant Financial was spun off from Alibaba and obtained business independence in 2014, making it a powerful financial player.