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"China should seize opportunities to boost innovation in deep learning, smart algorithms and chips, and modernize industries with AI technologies," Lin Nianxiu, deputy head of the National Development and Reform Commission (NDRC), told a room of entrepreneurs, researchers and policy-makers at the congress, which was held from May 16 to 18.

"Chinese luxury-brand consumers are younger than Bulgari's consumers worldwide. Compared with European consumers, Chinese consumers are exposed to luxury brands at a younger age. The average age of our Chinese consumers is between 25 and 35, while the age of European consumers ranges from 34 to 45," Babin added.

"Consumption now remains the main driver of economic growth," said Tang Jianwei, chief researcher at the Financial Research Center of the Bank of Communications. "Due to rising Sino-US trade disputes, we are facing many external uncertainties. Therefore, we need to focus on boosting domestic demand. Considering the current levels of per capita rural and urban incomes and the proportion of consumption to the total GDP, there is a lot of room for consumption growth."

"China's integration with the world will continue to get deeper," Li said, expressing his appreciation to those in attendance, who he sees as "passionate about China's development".

"Compared with Hong Kong and Singapore, Hainan will utilize its own resources to develop. I think it will have a late-mover advantage with a relatively faster development pace," Chi said.