Full coverage: 3rd World Internet Conference

This year’s World Internet Conference has just concluded in Wuzhen in east China’s Zhejiang Province. What were the key outcomes from this year’s conference?

China’s biggest annual internet event wrapped up in Wuzhen on Friday.Lei Jun, founder and chairman of Xiaomi, was at his third conference, and said the meeting was a great success.

Xiaomi is one of China's leading mobile phone brands. Last year, it sold more then 70 million mobile devices globally.

"After some thorough discussions over the past three days, I believe you have all come to many interesting conclusions. Here are my views. About innovation, China has the world’s largest population and has the world's biggest internet presence. Over the past two decades, we’ve been pursuing innovation in business models, consumer experiences and trying to push forward all kinds of micro-innovation. We’ve made many great achievements. But in the new development phase, people are focusing more on indigenous innovation. I believe over the next 10 years, China will have more and more innovation in indigenous technologies," Lei said.

Lei Jun pinpointed artificial intelligence as a field which will really come to the fore over the next three years

On the sidelines of the conference, there’s an exhibition...

The exhibition, named “the light of the internet,” will be opened to the public till Saturday, allowing more people to get a glimpse of the most up-to-date technologies and business models.

Nearly all things that relate to the “internet” can be found at this exhibition.

A new comer in the bike sharing industry, “Quick To” bikes, unveiled its bike design at the exhibition. The bike will not have a lock. Engineers say they believe they can trace the bikes and secure their use, thanks to the internet.

“Quick To” enters a market that is already very competitive, with two major companies “Mobike” and “Ofo” currently fighting fiercely in big cities. Both bike sharing companies already have billion-yuan levels of investment.

But the industry newcomer is optimistic.

"I predict that China has a 100-billion-yuan market for online bike sharing. // I think in three years, this project will be very valuable and its prospects for profitability will be good." said Zhang Lijun, chairman of V1 group.

Next year, the company says it will put a million bikes in 10 major cities across China.

Meet the next generation payment system. Cash, credit cards, debit cards, mobile payment apps are all obsolete. With this device developed by Ant Financial, you only need to show your face when you want to buy stuff.

"Smile to pay uses bio-recognition technology, which can perform with very high accuracy when recognizing human faces. Face-recognition payment can greatly improve the security and reliability of our payment activities," said Shu Mei, Ant Financial.

Digital technologies like big data, Internet Plus, and smart manufacturing are changing the game of doing business. The integration of IT and traditional sectors also helps with the transformation and upgrade of China’s economic structure.