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"China has been very pragmatic. It has been very gradualist and cautious and has not wanted to rip up the existing order. But things are moving much more quickly now and over the next 20 years there will undoubtedly be a new global order of some kind," he said.

"But the government is also striking a delicate balance between innovation and risk. When it comes to the financial system, it is extremely careful about systemic risk."

"China is already a global digital economy and it is going to have a greater impact on the global digital world," Jonathan Woetzel, senior partner at Mckinsey and director of the McKinsey Global Institute (MGI), told Xinhua in a recent interview.

"Changes in production technologies - for example, artificial intelligence in manufacturing - and an aging population reduce the need for certain labor-intensive jobs, or may even eliminate them," she said. "However, demand for workers in service industries, such as healthcare, is increasing.

"China is going to witness a sales spurt in collaborative robots," the report stated, adding that cobot sales will swell more than four times in four years to 12,000 units in China by 2020.