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"Chinese companies have a lot to do in digital transformation," Zhang Yifan, marketing director of Intel China, said.

"China, for years and years and years, has built all the premium products for the world," said Friesen. "They know how to build good products."

"Companies that back their brands with the power of creativity and ideas will be the winners in today's world of innovation and change, and China excels in this respect," said David Roth, chairman of BrandZ and BAV Group, which are subsidiaries of WPP.

"Culture plus high-tech" is the direction for the old factories' transformation, Liu said. For instance, E9 Zone, an innovation park in Chaoyang, has attracted 80 companies to locate there; half are in the cultural industry and more than 30 are science and technology companies.

"Compared with the traditional online travel agencies, vacation rental platforms perform two key functions. One, they help landlords reduce operational and maintenance costs and also offer various value-added services to customers. Two, the platforms use sophisticated systems to support the entire social credit system," said Yu Fengxia, deputy director of the Sharing Economy Research Center, which is part of the SIC.