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"Even for Spring Festival shopping, we don't need to travel to the urban region," she said.

"Definitely China will be a better driver for a socio-economic development in the region," Cayetano told a news conference at the end of the series of ASEAN and related foreign ministers' meetings that kicked off Saturday.

"Europe's strength lies in core technologies and its traditional vertical sectors such as automation, industrial robotics and other manufacturing, but the datasets on which they can work are greatly dwarfed by those available in China," said Gambardella, during the ongoing China International Big Data Industry Expo in Guiyang, Guizhou province.

"Digitization has brought a whole new experience to customers and changed their habits ...The banks should provide customers with full life cycle asset management services through the supply of diversified financial services... PSBC Wealth Management must follow the reform trends in modern operation," Liu said.

"Developers' prudent attitude toward land is because of slower sales as well as policy tightening relating to conventional financing channels since the second quarter," said Xie Chen, head of research with CBRE China.