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China has the potential to become the world's largest market for autonomous vehicles, said consulting firm Mckinsey. It estimates that such vehicles will make up more than 40 percent of new vehicle sales in China by 2040.

China is set to become the world's largest 5G market by 2025, with 460 million 5G users, according to a forecast by the Global System for Mobile Communications Association, an industry group.

China is expected to overtake the US in terms of total number of vehicles by the end of this year, said Cai Ronghua, a senior official at the National Development and Reform Commission, during a media briefing in April.

China is pushing its industries to move toward the medium-high end of the global value chain. In the first ten months of this year, private fixed-asset investment into the manufacturing sector rose 4.1 percent year on year.

China is Singapore's largest trading partner, and Singapore is China's largest newly-emerged source of foreign investment, and the main destination of overseas investment, said Gao, adding that bilateral economic and trade cooperation has resumed in an orderly manner.