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"China is already in the driver's seat with respect to the adoption of IoT technology, mainly driven by favorable government policies and fierce market competition inside the world's largest electronics manufacturing powerhouse," said Charlie Dai, principal analyst at Forrester, a business strategy and economic consultancy.

"But we believe the Chinese government still has room for policy adjustments to mitigate risks, and we expect more reform efforts to transition the economy toward a more sustainable growth path."

"China Gathering's goal is to slowly bring China's quality companies, music and films into the official program and help to connect them with American companies," said Forrest.

"But that may raise the leverage level at a fast pace. So structural measures should be used to contain potential debt risks and prevent asset price bubbles, especially in the property market," said Lou.

"China always respects the freedom of navigation and flights over the South China Sea in accordance with international law, but that should not be conducted in a wayward or illegal manner," Ren Guoqiang, a spokesperson for the Ministry of National Defense, said at a press conference.