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As a result, the services industry will absorb massive labor force, said Zhu from Moody's. "Despite China's economic growth slowdown, very few people have actually lost their jobs. The country is not under high stress of unemployment because a large number of job opportunities are transferring from the manufacturing sector to the services industry amid economic transition in China."

As a shining example, iFlytek has been scrambling to leverage AI into sectors including voice recognition. Other notable products include voice-based digital assistants, medical robots and automated court clerks that review certain types of cases.

As for multilateralism, Li said, it does not mean disrespect for country-to-country relations, but a promotion to the democratization of international politics.

As for why China should look to Europe when developing its AI strategy. He said Europe has world-class researchers, laboratories and startups in the field of AI, making it home to the world's leading AI research community.

As for the innovation of traditional Chinese culture, he described the strategy as skimming the cream and absorbing the quintessence.