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"China is very well positioned to develop its Pillar Two and Pillar Three pension systems, which can lower the pressure on the government and help people lead better lives after retirement," Schaaf said.

"China has always fulfilled its obligations, kept its promises and made significant contributions to the world economy by paying great efforts and costs since it joined the WTO 17 years ago," Foreign Ministry spokesperson Hua Chunying told a routine press briefing.

"China has an ambitious plan to achieve high-speed tech targets by 2050, and I think they would accomplish it before this date," he said.

"China can seize the newest trends in technology by attending SXSW. The event also functions as a big incubator — data show that about 10 percent of the companies at SXSW were acquired after the event. Many startups go to SXSW to look for opportunities while others go there for inspiration and ideas," Forrest said.

"China is the most dynamic and exciting digital place in the world. The chance to reach people any time and anywhere with digital resources is very significant. You can build a learning platform virtually so quickly rather than do it physically," said Fallon.