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And now is "not the time" to let a concern about fiscal deficits "get in the way of us winning this battle", Powell added.

Analysts say their arrivals will lure some potential customers away from startups including Tesla because the majority of Chinese customers are more inclined to choose long-established brands.

Analysts also expressed concern that any escalation of tensions between the world's two biggest economies would have a negative impact on global oil prices.

And officials say the figures speak for themselves.

Andrew McAfee, principal research scientist at the Massachusetts Institute of Technology (MIT), best-selling author and co-founder of MIT's Initiative on the Digital Economy, said major developments in data, algorithms, networks, cloud, and digital hardware have unleashed a wave of innovation that is "rewriting the business playbook" in his keynote address.