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"By partnering with Huawei to launch the "5G Capital" project, we aim to push Beijing's 5G construction into a new stage. We hope to leverage our edge to establish a global benchmark for 5G networks and applications," Yang said.

"China has surged to 14th place on the list of the Global Innovation Index 2019 released by World Intellectual Property Organization in July, 21 places higher than the year of 2013, thus becoming a leader among the world's mid-income economies," Shen said.

"By using its full digital traceability system and digital tools such as smart sensors, visual inspection and auto monitoring system to improve quality control, Danfoss CC Tianjin factory has improved labor productivity by 30 percent and reduced customer complaints by 57 percent within two years," the WEF announcement stated.

"China has a relatively short history of focusing on and supporting the basic science," said Yan, which results in not enough labs — especially those excelling in their fields — for researchers to choose.

"China has become a leader for global online charity efforts," he said.