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China announced the revision of implementation measures for regulations on the administration of foreign-invested banks on Wednesday. [Photo/VCG]

China has made considerable progress in the development of the digital economy and will beef up efforts to develop frontier technologies like operating systems to sharpen its competitiveness, top officials, experts and company executives said on Monday.

China has issued a three-year development plan for fintech, aiming to improve the quality of financial services, strengthen regulation on technology-driven innovations, and prevent systemic financial risks, according to the central bank on Thursday.

China has also undertaken market deepening initiatives that incentivize the private sector and stimulate its further development. Gupta said this also serves as "an automatic economic stabilization mechanism for the broader economy when the state sector is unable, due to budgetary tightening, to make the necessary public investments."

China has been actively expanding pension fund coverage. By the end of 2016, employees participating in workers' pension funds totaled 379 million, 25.7 million more than a year ago.