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Zhao Xiang, an analyst at Beijing-based internet consultancy Analysys, said the bike-sharing industry has entered a new stage of integration, and Mobike and Ofo need to expand their business in an orderly way, as well as improve the way of operating bikes and explore more monetization models.

Zhao Jinping, a researcher with the Development Research Center of the State Council, said the new tariffs will encourage competition between foreign and local brands. China is never afraid of competition, indeed it thrives on competition.

Zheng, of Huawei, said a number of practical issues will need to be resolved before Hong Kong can become a truly "smart" city. For example, popularization of driverless vehicles would prompt a sea change, such as massive layoffs across the industry.

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Zhao Ming, president of Honor, said the sales of 5G smartphones grew rapidly in China. In June, 5G smartphones accounted for about 40 percent of all smartphones shipped to China.

Zhang, however, believes most companies are still taking a “wait-and-see attitude” before embracing new technologies and digital transformation.

Zhejiang's population growth exceeded that of Guangdong in terms of percentage, with nearly 1.1 million extra people giving it a year-on-year increase of 1.97 percent. It was also the provincial-level region that attracted the most new migrants last year－841,000.

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Zhang said China's real estate investment has been growing at a high level this year, and land transactions in many cities are also at a high level, especially in the first and second-tier cities, with developers showing strong enthusiasm for land acquisitions for residential housing.

Zhou Xiaochuan, the central bank governor, said prevention of price bubbles should be the main task of a newly established committee on financial stability. He made the remark in an address to the Group of 30's International Banking Seminar in Washington earlier this month.

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Zhao Jianglin, a researcher of Asia-Pacific economic studies at the Chinese Academy of Social Sciences, said the visit by Ardern will provide a timely boost to China-New Zealand relations after the dispute over the use of Chinese telecom equipment.

Zheng said strengthening supervision of financial markets in a bid to protect consumers and investors is a part of the city's efforts to improve its business environment.