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"Fifteen years ago, companies were leaving San Francisco, because they were told to pay 1.5 percent payroll tax on stock options. So if we want to drive San Francisco companies out of the city when they go public, we only have to look at the history to see that it doesn't work," she said.

"Grape groves need to be continuously shovelled to provide the necessary soil aeration and facilitate water absorption of the roots," a task which is very arduous to do with traditional plowing tools, he explained.

"For years, the United States has been seen as the impeccable frontrunner for a big bang coming in the healthcare sector, in terms of money invested in digital healthcare, as well as the number of groundbreaking startups," said Sigal Atzmon, president of Medix Group, an international company that offers medical case management.

"Fiscal and monetary policies will provide the major tools to achieve the long-term economic development goals," said Wang, who suggested building up a unified coordination mechanism to facilitate joint efforts on fiscal and monetary policy. The mechanism is expected to work along with employment, industrial, investment, consumption and environment protection measures to spur the real economy.

"From day one we have not ruled out the possibility of delving into other realms using AI. But English learning is the one area that we would like to focus on right now," Wang said.