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"Financial conglomerates should lose no time to jump on the technology bandwagon in their quest for the next growth engine," said Ren.

"Globally, China is second in the world in the number of unicorns - companies valued at billion or more. And the government has started to strategically invest in innovation in key areas, including self-driving vehicles, artificial intelligence and drones," said Shapiro.

"Foreign investors' expectations have been negatively affected by the uncertainty of Sino-US trade tensions," said Liu Chunsheng, an associate professor with the School of International Trade and Economics at the Central University of Finance and Economics.

"Financial institutions need to better balance the relationship between fulfilling social responsibility and preventing financial risks," said Liu Guoqiang, the central bank's vice-governor, at a meeting held in Jinping county in Guizhou province last week.

"From theory and planning to practical implementations, cooperation in the alignments of development strategies between China and other SCO member states has also come to a new stage, with a series of projects under steady progress," Li said.