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China has placed great emphasis on tech development, with AI being a key field. The government has laid out plans aimed at building a 1 trillion yuan (2.1 billion) AI core industry by 2030, which is expected to stimulate related businesses by around 10 trillion yuan.

China had more than 900 million internet users at the end of last year, with an internet penetration rate of 64.5 percent, according to the report.

China has a very significant role in the world today. It is the second largest economy in the world, and developments and issues in China have a huge impact on the global stage in many aspects, including trade, the environment and social development. For most companies, China is almost impossible to ignore, not only as a huge and important market but also as a key player in the global supply chain and the availability of resources and talent.

China has challenges, though, as the epidemic has petered out in the country, hampering efforts to conduct large trials.

China has launched negotiations with the governments of Singapore and Pakistan to upgrade existing FTAs, Qian added.