Developing the new economy is a major strategy in China's drive to achieve high-quality development. With higher production efficiency and newer technologies, the new economy will greatly change the intensity and rules of competition, according to Wei Jigang, research fellow at the Research Department of Industrial Economy, Development Research Center of the State Council, or DRC.

According to the DRC website, Wei describes the "new economy" as a human-centered economy characterized by digital interconnection. It promises to provide a better user experience for consumers, and to achieve a wider range of resource allocation, than the traditional economy, Wei said.

But Wei added that to develop the new economy, it's important to establish the proper relationship with the traditional economy. A set of more "inclusive, open and forward-looking" rules should be established to scientifically define the responsibilities, rights and obligations of governments, enterprises, innovators and consumers, Wei said.