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"China must also adjust the previous five-category system to adapt to changes in international financial regulations and accounting standards, as well as to enhance the accuracy of asset quality classification."

"China is perhaps better positioned now than ever before to become a globally competitive player in both semiconductors and AI ... because leading digital businesses (in China) have signaled that greater domestic self-supply of semiconductors is a vital component of their future," he said.

"China in the new era will present new opportunities for world development and bring new and more opportunities for BRICS cooperation as well," he said.

"By actively expanding domestic effective demand and ramping up policy measures to counter the impacts, the country is capable of fulfilling all the goals of economic and social development for 2020," Cong said.

"CIIE provides a great platform for us, it will provide strong exposure for the firm through meetings with high-level government officials, influential trade professionals, including lots of existing and potential customers," he said. "KPMG will bring the latest digital innovations and technology to this year's expo in audit, tax and advisory services."