It is not easy to forget that China's modern economy was built on the strength of a solid but typically low-tech manufacturing sector. Now, China has ramped up its efforts to change its image from a manufacturing powerhouse to a high-tech one.

"It is necessary for most Chinese companies to become high-tech pioneers as their fate will be determined by technological innovation in the AI era," Liu said.

But how can they prepare for an AI-powered market?

"As AI is reaching an inflection point, Chinese companies should invest more in it than ever, so as not to lose out," Liu suggested.

Liu also said that China needs to promote a wide spectrum of technologies that might enable enterprises to profit from the possibilities of AI's growth.