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"China is making its own business innovations over the past decades. Umpteen businesses, such as online education and food delivery companies, are emerging in the country every day," said Liu Chang, founder and CEO of 17Edtech.

"China is developing faster than the rest of the world on new energy vehicles, intelligent transportation and connectivity. Volkswagen strongly takes it into account," said Jochem Heizmann, Volkswagen Group China president and CEO.

"China is already more digitized than many observers appreciate and has the potential to set the world's digital frontier in coming decades," the McKinsey Global Institute said in a report.

"By becoming an observer, we will be able to work more closely," Sanders said. "We will have better and more timely information about what the UN is thinking of the issues of importance to the AIIB, and hopefully we will be able to make some modest contribution to the work of the UN over time."

"By adopting the ban, China plans to change the current global structure in the division of work, eradicating its role as a dumping ground for leftovers from developed countries, which has grown in the past 30 years," Xue said.