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"Currently the rules are very much what I call unfair to China. They allow countries to slap tariffs which are far greater than anyone would reasonably argue are appropriate," said Yukon Huang, former World Bank country director for China.

"Constellations of smart, connected devices, faster wireless internet, big data, and AI are transforming the global economy and having a profound impact across many sectors, from manufacturing to healthcare to transport," Campinos said. "What we are seeing is not just an acceleration of the development of information and communications technology - it is a major shift toward a fully data-driven economy."

"Consumers are becoming more selective about the products they purchase, and tend to buy products that have more practical uses," said Emily Cheng, general manager of Honeywell Connected Living Solutions China.

"Chinese investors are willing to respond to these challenges. Companies like Shandong Gold have shown the vision to become the leading gold company in China and an emerging leader globally," Tory said. "They have developed partnerships with others by sharing the risks of operating the most complex mining in the world."

"Community smart gyms are getting more and more popular in cities, as they provide more exercise options for residents at their leisure and improve the quality of their lives," Zhang added.