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"Following the financial crisis in 2008, the shipping market entered a long period of downturn and as a result, many loss-making firms went bankrupt," said Yao.

"Filling in a data form by pen? Using a landline telephone? These are common. I dare say that they really need our services for accuracy and efficiency," he said.

"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.

"For example," said She Guiqing, the court's vice-president, "the identities of lawyers and litigants must be verified through a facial recognition system, and evidence online is protected by blockchain technology to prevent it from being falsified." He said that the process of a lawsuit will be seen via the court's e-platform, which will reduce traffic costs to litigants and make judicial work more transparent.

"Financial risks have shown significant regional differences. In the future, we may see mergers and acquisitions of small and medium-sized banks led by local governments as a measure to resolve regional financial risks," said Vincent Yao, PwC China financial services partner.