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"Currently, financial risks are one of the most prominent and major type of risks in China … The country is still facing relatively huge pressure for a possible rebound in nonperforming loans, and the inventory of shadow banking activities is still fairly large, with frequent occurrence of law and regulatory violations," said Xiao Yuanqi, chief of the prudential regulation bureau of the China Banking Regulatory Commission, at a news conference on Friday.

"Companies should be taking advantage of today's market conditions to reassess their portfolio vulnerabilities and divest assets that are not part of their future growth strategy," said Alex Zhu, EY's China North Transaction Advisory Services Leader.

"Concerned with promoting freedom and academic excellence, we hope to see this center evolve into a real foundation. Its objective will be to push back the fundamental limits of research by supporting breakthrough scientific and technological innovations. This is necessary if we want to make significant progress, particularly in the field of artificial intelligence," he added.

"China's government has kept pushing the telecom industry to accelerate the pace of network performance upgrades and tariff reductions across the country, so a newcomer like BT might introduce differentiated customer experience," said Mu.

"China's economic reforms have paved the way for the nation to create some of the world's leading companies in e-commerce, artificial intelligence, genetic engineering, financial services and biotechnology," she said.