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"Governments, enterprises, and everyone one of us must fully realize that in advancing digital transformation, security is no longer a vassal, but the foundation," Zhou said at the third Digital China Summit in Fuzhou, Fujian province, which ended on Wednesday.

"Globalization is one of Alibaba's most critical long-term growth strategies," the company's CEO, Daniel Zhang, said. "We are building the future infrastructure of commerce to realize a globalized digital economy where trade is possible for every country around the world."

"Gree Electric Appliances, as the leader of China's appliance industry, has made great efforts in green design, especially high energy efficient products. The research and development of a special compressor, our core technology, has helped to improve the company's manufacturing energy efficiency and product energy efficiency. The establishment of GMAC today will further promote China's green manufacturing development and have a positive influence in the whole industry, the nation and society," said Zhang Mingsheng, manager of Technical Department at Gree Electric Appliances.

"Following this cooperation, WeChat Pay is enhancing its effort in helping European businesses connect with Chinese tourists to realize WeChat's 'One For Billion' initiative (which) is its latest initiative of cross-border business," the statement said.

"Going ahead, China needs more concentrated efforts in developing high-end chips and integrated circuit. The country's traditional industries will also see increasing tech adaptations," Xu said. "The future of the digital economy is in the hands of all countries and the global community should step up communications and cooperation for a shared future."