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China is now leading the world in technological innovation, characterized by the fast development of the mobile internet, big data and artificial intelligence technology. The significant technological innovation and advancement in this market is filling the world with imagination.

China is investing to improve its infrastructure and reducing taxes and administrative costs for private companies. The plethora of measures employed this year to improve credit conditions are also having an impact. While leading economic indicators still point to weaker growth, there has been some stabilization in hard data such as car sales and freight activity.

China is one of Tesla's most important markets. In the third quarter, its China revenue surged 79 percent year-on-year to 3 million, about 20 percent of its global revenue, according to the company.

China has taken a lead in many areas of financial technologies, such as mobile payments and e-commerce, Paul Schulte, head of an institute that focuses on research of financial institutions and technology, told the Vision China event on Tuesday.

China is in the midst of implementing a host of reforms, which are focused on opening up its economy to foreign competition and strengthening its private sector. They are needed to upgrade its industries and avoid the dreaded middle-income trap.