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China's co-working space unicorn Ucommune, for instance, purchased three co-working space operators Hongtai New Space, Wujie Space and Wedo Union this year. Its market value was estimated to reach 11 billion yuan (.75 billion), and it had 160 operations globally, attracting more than 6,000 enterprises.

China's economy maintained steady growth and a positive outlook this year, with many bright spots emerging, including markedly improved corporate profits, said Bai Chongen, a Tsinghua University professor and member of the central bank monetary policy committee, at a forum.

China's first personal bankruptcy rule will come into effect in Shenzhen, Guangdong province, from March 1 next year and will provide a way out for "honest and unfortunate" individuals saddled with debt they cannot pay off, an official statement said on Thursday.

China's cross-border e-commerce sector has grown exponentially as the country's middle and high-income shoppers demand increasingly diversified and personalized products and services.

China's economy continued to recover steadily in Oct, with market demand rebounding and employment situation improving, the National Bureau of Statistics said on Monday.