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"From the perspective of direct banks themselves, meanwhile, they don't have a clear strategic positioning, which results in overlapping of business with traditional banks."

"Five years ago, when everybody paid with cash, I couldn't have imagined that today China would use mobile payment on such a large scale," said Kovachich, who lives in Moscow and specializes in editing stories on Chinese economy and financial technologies.

"Global tech powerhouses are elbowing their way into the likes of satellite and quantum computing, which are the launchpads for the next wave of commercial applications," Cao said.

"Global collaboration on research is critical if we are going to solve the world's greatest challenges," a spokesperson for the University of Sydney said while commenting on a report by the Australia-China Relations Institute.

"For the goods that have less impact on China's industrial production and consumption, the tariff rates are much higher, but that can effectively hit back on the US when it is necessary to levy," he said.