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Chinese AI startup Megvii Technology, which reportedly had a unicorn valuation of more than billion last year, has obtained access to 1.3 billion facial data records of Chinese citizens, according to the report. AI chip maker Cambricon Technologies, which raised 0 million from investors last year, is planning to have one billion devices using its AI intellectual properties in three years.

China's service sector and consumption will remain the major driving forces for growth, although their contribution to growth decelerated in the first half of this year, the bank said.

Chinese Brands Day will publicize brands owned independently by Chinese companies, tell the stories of the brands and raise brand recognition, according to Wang.

China's resolve to further open up has been reflected by the global coworking and community service provider WeWork's latest partnership in the country.

China's support policies over the past few years have made it one of the fastest-growing NEV markets. Last year, the country's NEV sales soared 61.74 percent to 1.26 million units, according to the China Association of Automobile Manufacturers.