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"For the next step, we will continue to improve the clinical efficacy of TCM, promote international education and training, and include TCM products in the international pharmaceutical market," she said.

"For Alibaba, the best way to block vendors with bad reputations from re-entering its shopping platforms is not closing their stores but eradicating the criminal chain with the help of government power."

"For example, generally Chinese consumers don't want to wait for too long," he said, adding that Chinese retail companies were more engaged with the consumer, and thus were able to provide better and faster service. "If you want to pay, you take your phone and use WeChat (the online payment portal) and you can finish your shopping in an hour."

"Governments should substantially reduce their role in direct resources allocation and channel more energy into macro regulation, public services, market supervision, social management, and environmental protection," said Yang Weimin, deputy head of the Office of the Central Commission for Financial and Economic Affairs.

"For instance, Baidu is leveraging AI to help supermarkets better manage their supply of fresh food by analyzing and predicting which products are most popular," Li said.