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China has seen several fatal retirement home fires over the last few years, raising concerns about their management.

China is developing new bullet trains with a speed up to 400 kph, and is also researching the next generation magnetic-levitation train with a top speed of 600 kph, said Ding Rongjun, an academician of the Chinese Academy of Engineering, adding that automatic and unmanned drive technology will be used in the future.

China is really in the forefront in the Internet of Things (IoT) sector, which is key to 5G, said Granryd. "Here in China, there are more than 150 million machine to machine connections, which represent one third of the volume in IoT globally."

China has seen the number of newly-registered companies surge as firms bet big on the country's pent-up consumption demand and strong economic recovery from the COVID-19 outbreak.

China has thousands of SOEs, but many have become stagnated due to a lack of competition. The government is trying to improve their fortunes through reform, moving toward mixed ownership and market-oriented management to improve efficiency.