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Anyang city also requires all teachers and students who go to some key areas, like Hubei, Beijing, and Shanghai, to get permission to take the leave and be quarantined for 14 days before returning to work and school.

Apart from Standard Chartered, some other foreign banks have also shown interest in offering digital banking services in the Chinese mainland with no branches. Last week, Bank of Beijing Co Ltd said it has got the necessary board approval for the establishment of a joint venture with Netherlands-based ING Bank NV.

Announced at Devoxx in Europe Wednesday, Coretto is an open-source distribution of OpenJDK developed for internal use at Amazon to manage Java applications. While Java is widely used to build enterprise applications, the future of OpenJDK has been in doubt thanks to Oracle’s decision to end support for the free version of OpenJDK as of this coming January.

Apart from having a large market and sufficient funds, China has also made big progress in building its talent pool, with a growing number of serial entrepreneurs making innovations, he said.

Another factor is that three of China's internet giants - Baidu Inc, Alibaba Group Holding and Tencent Holdings, or BAT - are building a digital ecosystem with benefits beyond them. One in five top Chinese startups was founded by BAT employees or former BAT employees, according to the report.