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"China has witnessed magnificent changes since the government introduced the reform and opening-up policy 40 years ago. The internet, with its nature of openness and connection, has accompanied the development," Li said in an exclusive interview with China Daily website at the fifth World Internet Conference, which was held Nov 6-9.

"By reinforcing their moats, industry leaders will become even stronger, and the sector will present a higher competition threshold, and the market centralization will become more obvious," said Neil Wang, president of Frost & Sullivan China.

"China firmly opposes and rejects it," he said.

"China needs to speed up the development of digital currency supervision and sovereign digital currency issuance mechanism," said Li, who is also head of the blockchain research working group at the National Internet Finance Association of China.

"China has great potential in the consumer genomics testing sector. Compared with that of some developed countries, the market is still in its infancy in the nation," said Danny Yeung, co-founder and CEO of CircleDNA, a Chinese consumer genomics testing startup.