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Apart from accelerating local government bond issuance, China also expanded the channel of issuance and the range of target investors by launching a trial program this year to sell local government bonds to individual and corporate investors at bank counters in certain municipalities, provinces and autonomous regions, at a minimum amount of 100 yuan.

Another three years are needed to see a major improvement in the overall debt structure, because leverage cannot be reduced at a fast pace, as this would result in a sharp slowdown in economic growth, according to Li.

Aoki said his profound love of Chinese history was gained from reading the 14th-century classic Romance of the Three Kingdoms, one of China's greatest literary works.

Ap - Xinhua

Another highlight stemmed from its cloud computing, which advanced 84 percent to 6.61 billion yuan in the quarter ending in December and helped the company to claim roughly half of the domestic market where increased spending was widely spotted from enterprise customers.