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Another trend the report pointed out: China's internet market is very influential in terms of scale and impact as a considerable number of internet giants, start ups and unicorns－new, non-listed companies with valuations of more than billion－are competing with world magnates in the field.

Apart from requiring banking institutions to comprehensively enhance the quality of data, the regulator also said, "Banks should integrate data application into the entire process of their business operation, risk management and internal control to effectively capture risks, optimize business procedures, and improve the effectiveness of internal control.”

Apart from the kitchen staff preparing fresh food at the back, we saw only two workers in the 1,800-square-foot Amazon Go store during our visit: one at the beer and wine section to check IDs, and another just inside the entrance to greet customers. Workers are also needed to restock shelves and help customers.

Another reason preventing a further easing of the monetary policy is the need to prevent systemic financial risks. But fiscal policies can play a major role in supporting economic growth in China, he said. "When unconventional monetary policies are becoming conventional, it will be difficult to come back," which in turn may lead to corporate debt surges or stimulate property bubbles.

Another resolution targets "cancel culture", warning that it "has grown into erasing of history, encouraging lawlessness, muting citizens and violating free exchange of ideas, thoughts, and speech".