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Ant Financial Services Group, which operates mobile payment tool Alipay. 

Another highlight this year is local services. Food delivery arm Ele.me will provide delivery services for select Starbucks stores across 11 Chinese cities, including full-service coverage in Beijing and Shanghai.

Apart from supporting commercial lenders in expanding channels for capital replenishment by issuing common shares, preferred shares, perpetual bonds and tier-2 capital bonds, it also encouraged local governments to help small and medium-sized banks replenish capital by raising funds in various ways.

Another report by World Economic Forum said that China's innovation-friendly atmosphere and not consumer-focused traditional finance sector boosted such a remarkable development.

Another central bank report showed that businesses posted improving profitability in Q2, with the index surging to 49.6 from 22.3 in Q1.