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China is the world's largest mobile payment service market, with both tech and financial giants promoting their own tools to facilitate easier payments for daily shopping, dining and commuting.

China is promoting the "third-party market cooperation" model under the Belt and Road Initiative (BRI), which will engage more developed countries in construction projects and strengthen international cooperation, according to a report issued by the global business service organization Ernst & Young on Tuesday.

China is stepping up its efforts to tighten the process of recalling new energy vehicles, as the world's largest market saw a growing number of incidents where such cars have caught fire, according to the State Administration for Market Regulation.

China has undergone remarkable changes over the years. "Seven years ago, mobile payment and bike-sharing facilities were not so commonly seen, but now Alipay and Mobike bicycles are everywhere," he said.

China is expected to be the world's largest 5G market by 2025, according to a joint report by GSMA Intelligence, a global mobile think tank, and the China Academy of Information and Communications Technology.