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Apart from technology gurus, the alliance also brings in core players in the telecom, financial and manufacturing sectors in a bid to "create industrial synergies, offer specialized AI services and conduct overseas exchanges", said Wu Jianxiong, chairman of INESA(Group) Co Ltd, a key initiator of the organization.

Apart from Shanghai, cities including Beijing, Chengdu and Shenyang have all organized a number of exhibitions and activities, showcasing their recent accomplishments in terms of innovation and entrepreneurship.

Apart from this, the Bain report added that Chinese consumers also prefer familiar brands over new brands, reversing the momentum made by insurgent brands. More than twice as many consumers want to buy new and exciting products instead of repeating products purchased.

Ant Group announced later Tuesday night that the listing of the Hong Kong shares will also be halted.

Another example is the Shanghai-London Stock Connect program which opened for trading last month. It is a new step for China's financial market to further open up to the world.