Through major software and hardware applications in sectors ranging from education and entertainment to catering and communications, participants of the forum agreed that the digital economy is poised to take big strides in the changing landscape, powered by latest technologies at the workplace and within individuals' private space.

Wang Jian, professor at the University of International Business and Economics in Beijing, said many significant changes are in store for the Chinese economic model, with digital innovation expected to spearhead much of the advances in the business and services sectors.

"The internet and e-commerce have been developing in China for nearly 20 years. In past decades, China's economic development model has produced a very important change," he said.

"Many sectors are now carrying out a so-called digital transformation, and at the same time, we also see that the digital support platforms for markets are basically being perfected."

Applying digital developments to cover industries more fully, including small and medium-sized enterprises, and paying greater attention to the integration of payment systems and cybersecurity issues, will be some of the notable areas that need addressing going forward, Wang said.

alexishooi@chinadaily.com.cn