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As China began to cut manufacturing sector VAT from 16 to 13 percent on April 1, some imported and high-end vehicle brands lowered prices to boost sales nationwide.

As China works toward manufacturing excellence, ambition and humility are both on display. Chinese companies have a genius for devising technologies that are cheaper, more adaptable and sometimes better than Western equivalents. The deepening digital ethos is creating fertile ground for titans and startups alike to come up with novel applications while disrupting traditional industries.

Apple first outlined the rules in February, saying that it would be taking a 30 percent cut of subscriptions sold inside iOS apps, and preventing app makers from sidestepping the revenue split by telling them that they could no longer link to external online stores from inside their apps.

As AI is increasingly used in supermarkets, smartphones and other scenarios, some thought that AI algorithms have become very easy now. The fact though is that its supply is far from enough, Yin said.

As Modi will come to China to attend the BRICS Leaders' Meeting in September, New Delhi should manage bilateral differences in an effective manner, as Modi has pledged to do, Jiang said.