Therefore, the obstacle China needs to address now is the incompatibility between the slowdowns in real estate, infrastructure and exports and the potential for consumption and innovation to drive growth forward.

Fok made the remarks during the 2022 IDC Digital Transformation Summit in Beijing in October, adding that clearer and unified industry standards will help ease problems such as incompatibility between different companies and, therefore, greatly contribute to the general digital process.

The incompatibility of charging facilities and diverse modes of payment also set back the development of the industry, the executive added.

Sales of electric vehicles have been hampered by so-called range anxiety－a fear of running out of electricity while on the road－that has been exacerbated by the incompatibility of Tesla's vehicles to charging facilities built by China's State Grid.