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China's 40-plus years of growth has been a wonder. Hundreds of millions of people have been lifted out of poverty and the nation's lifestyle has been transformed.

China will roll out policies to accelerate the commercialization of 5G, with radio-frequency plans and licenses for the fifth-generation mobile communication technology coming out "in time", the Ministry of Industry and Information Technology said on Thursday.

China's biometric identification sector has been experiencing a surge in demand for its services in recent years, according to ibaogao.com, a market research reports website. In 2015, its revenue reached more than 10 billion yuan (.6 billion), and the figure is expected to hit 30 billion yuan by 2020, with a compound annual growth rate of 24.6 percent.

China's central bank Friday pumped cash into the banking system via reverse repos to maintain liquidity.

China will “absolutely not” fire the first shot in a trade war with the United States and will not be the first to levy tariffs, the Ministry of Finance said on Wednesday.