4. Booming digital economy and competitive internet companies

Pony Ma, chairman and chief executive officer of Tencent, speaks during the 2017 China International Big Data Industry Expo in Guiyang, capital of Southwest China's Guizhou province, May 28, 2017. [Photo/VCG]

The internet has become a driving force for China's economic development. According to a report by Tencent Research Institute, the digital economy accounted for 30.61 percent of China's Gross Domestic Product (GDP) in 2016, generating 2.8 million new jobs.

The report, Internet Trends 2017, released by dotcom star analyst Mary Meeker, said China's technology companies are leading public market wealth creation. Chinese internet giant Tencent has been ranked inside the world's top 10 most valuable brands in the 2017 BrandZ Top 100 Most Valuable Global Brands ranking.