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"Europe's reaction was incomplete," Nabarro said.

"Even when the digital renminbi is officially introduced to the public, the PBOC will continue to provide banknotes and coins. We will also facilitate the further development of an integrated, innovative and competitive market for retail payment solutions," Mu said.

"Establishing their own wealth management subsidiaries is one of the steps taken by banks to make a transition in terms of asset management. What is more challenging for the reform is how the customers will react to the switch of wealth management products from the expected returns model to the net asset value model, which does not guarantee the return of principal and interest," he said.

"Europe's strength lies in core technologies and its traditional vertical sectors such as automation, industrial robotics and other manufacturing, but the datasets on which they can work are greatly dwarfed by those available in China," said Gambardella, during the ongoing China International Big Data Industry Expo in Guiyang, Guizhou province.

"Experienced cadres' understanding of the policies and their efficient working methods could make a great difference, but many of them just fail to catch the tide," said Wang Jiabao, deputy Party chief of Gaoliu, a rural township in Hefei, Anhui's capital city.