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"But the most important thing is to get kids involved and to keep the program going beyond the 2022 Olympics. It is even more important than achieving good results at the Games."

"By partnering with Huawei to launch the "5G Capital" project, we aim to push Beijing's 5G construction into a new stage. We hope to leverage our edge to establish a global benchmark for 5G networks and applications," Yang said.

"But such a seemingly booming scene of 'luxuriant foliage' is, in fact, very dangerous, and it can be upended in an instant, because it is not supported by 'deep roots' under the ground," he said, referring to the lack of homegrown core technologies such as high-end chip manufacturing techniques.

"China advanced to a global ranking of 46 this year, up from 78 last year, as the country implemented the largest number of reforms in the East Asia and Pacific region," the report said.

"But we do not envisage a major shift toward significant stimulus in the second half, unless the external environment worsens more substantially," said Louis Kuijs, head of Asia Economics of Oxford Economics.