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China is also building a "bridge to the future" by harnessing the power of international cooperation, especially on trade, according to Lagarde.

In the last decade China successfully entered some main economic institutions as a major pillar of global prosperity, while it took rising responsibility in building a more peaceful and stable globalization, said former French Prime Minister Dominique de Villepin.

The sweeping new scientific revolution and industrial transformation will have a profound impact on the mode of production, way of life and values of human society. The need to strike a balance between equity and efficiency, capital and labor, technology and employment has become a common challenge for the international community. If not handled properly, this issue will further widen the wealth gap between the North and the South. We should gain a keen understanding of the complex dimensions of this issue and make the right decision. This will enable us to steer the new scientific revolution and industrial transformation in the right direction.

A well-dosed re-evaluation of Confucius also seems to be important, Fischer said.

"We should firmly uphold free trade and the rules-based multilateral trading system," he said.