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Apart from reducing overcapacity, China has reduced market thresholds and cut taxes and fees for businesses, Li noted.

Another panel of experts explored how AR, VR and 360 technologies are impacting the creative processes of storytelling and music, and transforming the consumer experience.

Another challenge that Kiat's team had to deal with is the delay in logistics chains caused by lockdowns across many countries. "We were going to start (vaccine development) in February, but we had to start almost at the end of March," said Kiat, noting that some shipments from the US had been delayed for over a week.

Another problem, which he thinks is more difficult to solve, is gaining trust. He said it is difficult to gain trust from the countries affected as "they will doubt your professionalism and motive".

Apart from policies to reduce taxes and fees unveiled at the beginning of the year, China has announced more policies to support the real economy and technological innovation, which will help reduce enterprises' burden by more than 1.3 trillion yuan this year, Liu said.