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"Current indicators suggest China is especially suited for widespread adoption of autonomous vehicles," said Ting Wu, partner in McKinsey's Shanghai office and co-author of the report.

"China should expand reforms to improve the business environment for private investors [...] to allow them play a better role in facilitating China's restructuring," noted Zhang Jianping, an official from a research center under the Ministry of Commerce.

"Continued strength of the Chinese yuan sets the foundation for a more affirmative outlook for financial opening up, as well as further progress in RMB internationalization this year. In this regard, financial institutions with cross-border capabilities stand to benefit," the CICC said in a note.

"Confronted by the severe impact of climate change, China advocates a global community of shared future, greater international cooperation on energy governance, and a new round of energy reform directed towards clean and low-carbon development," said the document.

"China's strengths are mainly shown in AI applications and it is still weak on the front of core technologies of AI, such as hardware and algorithm development," the report noted. "China's AI development lacks top-tier talent and has a significant gap with developed countries, especially the US, in this regard."