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Analysts expect this move to benefit companies across the country.

Analysts said the steady increase signals a strong momentum in use of the renminbi abroad, or renminbi internationalization, and the ratio could further rise in the coming years.

Andrew Downe, Asia regional head of commodities and global markets at Macquarie Group, said, "Megvii is a global AI technology leader and innovator with cutting-edge technologies, a scalable business model and a proven track record of monetization. We believe the commercialization of artificial intelligence is a long-term focus and is of great importance."

Ang Ziyu (left) pays for food as part of a life skills training activity organized for visually impaired students at a mall in Shanghai on Aug 14, 2020. [Photo/Xinhua]

And last year, the Chinese government started a seven-year automated agriculture pilot project in Xinghua, Jiangsu province. The project includes rice transplanters, pesticide applicators, fertilization equipment, and driverless tractors that are navigated via global positioning satellites.