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As China aims to build a group of world-class, role-model SOEs that lead in high quality development, this move will boost the government's ability to further shift its role from managing SOEs to managing their assets and serving the real economy, said Li Jin, chief researcher at the China Enterprise Research Institute in Beijing.

Around 140 million households are earning between 100,000 yuan (,286) and 500,000 yuan each year, which is the household income "sweet spot" for purchasing cars and houses, and discretionary spending on leisure and traveling.

Art Paul being interviewed for the documentary about his career at Playboy magazine. [Photo provided to China Daily]

As China is accelerating the development of "new infrastructure", the integration of infrastructure with AI, internet of things, big data, cloud computing and blockchain, as well as other advanced technologies, will greatly drive the transformation and upgrade of the electricity grid, buildings, mobility and other sectors.

As China designs its development blueprint for the next five years and beyond, and drives its "dual circulation" growth pattern, Caterpillar looks forward to cashing in on the new opportunities arising from China's sustainable growth journey, he said. "Caterpillar will bring more products, supply chain solutions and services to Chinese clients as they participate in various construction, transportation, energy and mining projects."