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"Compared to seven years ago when the cost of starting an internet-related business was record low, such cost under the age of AI is high," said Lee Kai-fu, adding that AI research should go beyond borders.

"Considering that the average basic consumption expenditure for residents in Chinese cities and towns is about 4,200 yuan a month per person in 2018, we set the minimum threshold of personal income tax at 5,000 yuan. It not only covers the expenditures but also leaves room for further increases in consumption," Vice-Finance Minister Cheng Lihua said at a news conference on Friday.

"Commercial banks, whether big or small, are not familiar with customer acquisition on the internet or using alternative data provided by third-party service providers to conduct credit investigations. Under the circumstances, fintech companies will serve as necessary enablers for banks," said Victor Li, executive vice-president of Pintec, a Beijing-based fintech total solutions provider.

"Chinese people's pursuit of a better life and environment is much stronger now, and it is time for the floral industry to blossom," Yang said.

"Crowding, pollution and traffic - this is what people say about Manila," he said, gesturing at the gridlock.