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As artificial intelligence (AI) is becoming more prevalent, developments in this technology will make it omnipresent in daily lives.

As an emerging economy, China boasts great economic development potential in promoting technology development, upgrading industrial and consumption structures and promoting urbanization. Generally, these potentials can be divided into two types: Those that have been tapped in developed nations and emerging ones.

As calculated, in 2019, the government's tax income accounted for 15.9 percent of the total GDP, dropped by 2.2 percentage points compared with the amount in 2015. Also in the last year, the tax and fee reduction was more than 2 percent of the GDP, which drove up the GDP growth rate by 0.8 percentage points, according to the ministry.

As for how these consumers are paying for their high-end products, statistics by Bain & Company show that nearly 60 percent of the Chinese buyers aged 23 to 38 rely on money from their parents.

As high as 60.3 percent of payments made via Alibaba's T-mall and Taobao during the recent Singles' Day shopping frenzy were verified by users scanning their fingerprints or faces instead of entering passwords, according to the e-commerce giant.