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As companies scramble to realize innovation-driven expansion and embrace automation and digital technologies to improve plants and management, they will be in a better position to handle risks, Qu said, adding that there is no need to worry about China's economy.

As at the end of last year, China had 2,342 mid-end hotels, up nearly 34 percent year-on-year. The number of budget hotels reached 21,808, up 10.5 percent from the previous year, according to the China Hospitality Association.

As a group, they also have a lower life expectancy, poorer educational outcomes, higher rates of psychological distress and suicide, endemic levels of substance abuse and a far higher likelihood of having dealings with the justice system.

As he further explained, the effects of China shifting toward a consumer-led economy combined with increases in traditional manufacturing costs, the need for innovative improvement to consumer experiences, and the drive for more efficient processes have resulted in an increased demand for innovative technologies.

As discovered by Recode, the online retailing giant is venturing into the world of in-home technology implementations, hiring a bevy of gadget-loving geeks who can assist customers with the often tricky task of setting up everything from smart locks on the front door to voice-controlled lighting.