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"Companies need to make the most of the advantages of data and technology to realize sustainable development with strong competitiveness," he said.

"China's cloud computing industry has been burgeoning in the past few years, maintaining a 30 percent average annual growth rate. Ningxia, as an important node of the Silk Road Economic Belt, has an obvious regional advantage of developing cloud computing and bid data," Sui Jing, deputy director of the information communication administration of the Ministry of Industry and Information Technology, said.

"Commercial endowment insurance will be vigorously developed. In the past few years, new industries and new business models have emerged as China deepens reform of government functions and encourages entrepreneurial and innovation activities nationwide," Li said.

"Consumers in Europe and the United States are still used to shopping in brick-and-mortar stores, where they get most of the brand recognition. We have to respect the status quo of the mature overseas markets. We have to adjust to the local market rules by adapting our products, pricing, and distribution strategies," he said.

"China will develop a new model of social governance based on collaboration, co-governance, and common gains," Li said.