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Areas currently worth investing in, Gui said, include cyclical industries with low valuations such as banks; manufacturers transitioning from subcontracting to being brand owners; and business models boosted by technology and consumption upgrades, such as event management and medical care.

Artificial intelligence will bring about changes as fundamental as those enabled by electrification, argues Li Kaifu, Chinese artificial intelligence specialist and founder of the venture capital firm Sinovation Ventures. He says that China is leading in real-world applications of AI to businesses, factories and cities, and is catching up with the United States in basic research.

Around 100 professionals and government officials in the field participated in the forum.

As China's economy has grown in the past 38 years, so, too, have the spending habits of urban residents. In tandem with the rapid uptick in economic fortunes of the country, people have gradually increased spending on things like education, entertainment, travel and culture.

As China has been actively promoting the percentage of renewable power in its energy mix, part of its energy revolution to ease dependence on coal - a major source of pollution and climate-warming greenhouse gas emissions - electric power sources have become more diversified in recent years with those from renewables increasing dramatically.