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Chinese companies are ahead of the curve in digital transformation and they will help drive the country's development, as well as the development of partners along the Belt and Road routes. The partnerships in technology and innovation, which will be built between China and other economies, will provide a good foundation for multilateral cooperation.

Chinese customers have become increasingly concerned about their privacy being breached by Internet giants like Dianping.com, which has 250 million active users monthly. In March, Robin Li, CEO of Chinese search engine Baidu, ruffled the feathers of netizens when he said that Chinese consumers are willing to trade privacy for convenience and efficiency.

Chinese internet giant Alibaba Group Holding Ltd's acquisition of NetEase Kaola, the cross-border e-commerce arm of NetEase Inc, for billion will create a principal online marketplace for consumers seeking high-quality foreign products, holding more than 50 percent of cross-border e-commerce market share in the country, according to industry experts.

Chinese co-working space market has shifted from rapid expansion to products upgrading and enhanced management after frequent mergers and acquisitions by major operators this year, a report said.

Chinese companies are expediting the pace of digitalization through several means, such as launching digital products, introducing digital payments and embracing e-commerce and automation, according to the study, titled "Culture of Innovation: Foundation for business resilience and economic recovery in Asia Pacific".