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"Countries and regions need to strengthen cooperation to together plug the funding gap by leveraging additional funding from various sources, from both government-led and private sources," according to Zhou.

"Chinese consumers have become more aware of quality," said Joost Vlaanderen, president of Mondelez International China, the company behind Oreo cookies. "They like products that are designed for them, and they are willing to pay a premium."

"Compared to the demands of application scenarios for AI algorithms, the supply is less than 1 percent," Yin said. That is especially the case when it comes to facial recognition technology's application industries such as transportation and finance, which have stringent demands for precision, security and safety.

"Compared with the traditional financial sector, fintech talents should have not only solid financial professional background, but also flexible and innovative thinking," said Zheng Xia, assistant general manager of Ping An Securities.

"Chinese consumers are demanding and looking for an upgrade and they are more willing to spend money on cosmetics and skin care products, and more people are paying attention to the quality of products," she said.