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China has, for decades, been associated in the minds of Westerners with a common image of bicycling workers and residents filling the streets. But in the 21st century, Chinese technology has made bicycles part of the internet of things (IoT).

China is capable of exponentially increasing its technological levels, with more tangible results from the e-commerce and online payment industries coming in the next few years, according to Walker.

China in the meantime will follow the situation closely and be prepared for future change, he said.

China has recently taken a set of measure to stabilize the housing market and curb speculation.

China is now the world's biggest market for new energy vehicles, which comprises electric cars, plug-in hybrids and fuel cell cars.