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"Governments around the world, particularly China, the United States, and UK, have taken unprecedented steps to legislate against the ivory trade," he said. "But, as the ivory market is closing down in some countries, it is being displaced elsewhere."

"For the next phase, it is critically important to keep the overall capacity from growing, while at the same time to optimize the capacity layout in the industry and increase product quality to achieve high-quality development in the sector," he said.

"For major State-owned power generation enterprises, although they can consider investing in the traditional coal power sector, short-term power surplus means higher investment risks. Companies need to consider more about acquiring existing power plants rather than building new ones, and consider market integration in the target area to increase market share," said the report by Capgemini.

"For the purpose of better city management, there's plenty of space for different companies to leverage and deploy their AI capabilities. Every player is just taking a tiny slice of the pie," he told China Daily on Friday.

"Hard work pays off," he said."For those who have doubts, they are welcome to visit my home to see the changes."