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"Chinese President Xi Jinping mentioned in his report at the 19th National Congress of the Communist Party of China that the country will promote integration of the internet, big data and artificial intelligence to drive the growth in economies, pointing out AI industry will become a new growth point to promote national development," Kwon said.

"China's economic recovery was not strong enough due to limited improvement in demand, and some companies didn't replenish inventories," said Zhong Zhengsheng, chairman and chief economist at CEBM Group, a Caixin subsidiary.

"Chinese companies have been actively involved in the development of these new requirements, and they will be among the players driving implementation of these new technologies," Zhao said.

"China's main social contradiction has changed and its economic development is moving to a stage of high-quality growth from a high-rate of expansion of the GDP," said Yang Weimin, deputy head of the Office of the Central Leading Group on Financial and Economic Affairs. "The biggest problem facing us now ... is the inadequate quality of development," he said at a news conference.

"Chinese consumers want to try something different and feel like they are sophisticated and part of the global elite. That's what Starbucks gives them. That's what Western brands need to tap into," he said.