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Apart from making phone calls, mobile phones permeate various aspects of people's lives including socialization, entertainment, shopping, and learning, Sun added.

Another area where Shanghai enjoys unique advantages is the establishment of pilot zones, Li noted, where AI-powered applications in manufacturing, finance, healthcare, autonomous driving and robots are encouraged to test the waters in the city.

Apart from strengthening an industry-wide credit information sharing, regulators should also guide consumer finance institutions to tighten credit risk management and expand their business based on real consumption scenarios, the NIFD report said.

Another factor dragging down the two brands are their slow pace in bringing their latest offerings to the world's largest market, where the customers are eager for the latest products.

Anta Group, the world's third-largest sportswear company by revenue, saw revenue increase 40 percent to 14.8 billion yuan (.07 billion) and profits increase 58 percent to 4.2 billion yuan in the first six months, according to its half-year financial report, which was released in late August.