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As for the risks from some market players that are "too big to fail," Guo said the regulators need to keep a close eye on those tech giants that have branched into financial business.

As a cutting-edge technology that is sought after worldwide, the AI industry is regarded a new growth engine for Shanghai, a city with special advantages in big database, industrial foundation, and sufficient talents from universities and institutions, according to Chen, adding that the massive data resources are the first and foremost element for developing AI technology.

As for new energy vehicles, China is the world's largest market in sales and supporting infrastructure, Zhang added. By the end of last year, the country had more than 1 million registered new energy vehicles on the road — half the global total — and 150,000 charging stations.

As a result, cross-department collaboration is always handy and they can efficiently come up with systematic solutions and full-cycle services for clients.

As a precautionary measure, over 30,000 people, including nearly 5,000 children, were evacuated and moved to relief camps across the state.