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"Cultural habits have changed over the years from downloading everything for free to paying for the right sort of digital content," Wang said. "This leaves huge room for growth for the leading platforms in the industry."

"Chinese carmakers have surveyed customers and know they like them," he added.

"Chinese education is experiencing a huge change from offline to online," said Jiang Kai, managing director of Coatue China.

"China will be widening the business spectrum for foreign financial institutions and also expand the cooperation areas of Chinese and foreign financial markets," Xi said, addressing more than 2,000 politicians, business and media leaders and scholars at the four-day event, which started Sunday in South China's Hainan province.

"Currently, it is convenient for consumers to use Alipay and WeChat Pay to pay for services, but enterprises cannot directly use the two platforms to transfer a big amount of money to their business partners. As a result, the central bank's digital currency has a big potential in business-to-business application scenarios," Yu said.