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China is moving toward an economy focused on consumer spending, innovation and services, reducing reliance on investment and exports of low value-added goods, and boosted by strengthened innovation and research.

China is a very entrepreneurial and competitive market. We have seen that with the right business environment, China's competitive companies can achieve the highest standards of innovation and efficiency. For example, America's entrenched technology monopolies have gone to great lengths to ensure that they do not have to compete with Huawei's phones or WeChat or TikTok.

China is expected to advance in the rankings soon, due to the great potential and opportunities in its enormous market, triggering a surge in the number of AI professionals, experts said.

China is also encouraging agriculture technology cooperation with Arab countries, including United Arab Emirates, said a recent Xinhua report. According to a report by website Sootoo, smart agricultural applications now mainly cover automative driving, data services and unmanned aerial vehicle use. Analysts from Sootoo said that training farmers will be a key issue, as emerging techniques like unmanned aerial vehicles require more sophisticated operating skills.

China has promised to let US credit rating agencies do business on their own, remove the cap on foreign ownership of Chinese banks and asset management companies, and lift limits on investment in securities houses.