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Comprehensive pilot reforms will be carried out on financial services for private, micro and small firms for three years to explore ways to expand lending to these businesses, lower their financing costs, improve the guarantee and risk compensation mechanisms and further innovate in financial services. The goal is to guide more financial resources to support smaller firms.

College education must be better integrated with vocational education so that it trains not only more scientists but also more engineers and workers dedicated to craftsmanship, he said.

Commercial residential buildings in Nanchang, East China's Jiangxi province, Aug 15, 2018. [Photo/VCG]

Companies now have a new channel to finance their Belt and Road projects as China has introduced Belt and Road bonds to fund the massive initiative.[Photo/VCG]

Commenting on why the British Council is hosting a festival at this time, Rehana Mughal, director arts for the British Council in China, said: "For the cultural and creative industries, the impact (by the pandemic) has been significant, yet many artists have found imaginative ways to make powerful work that documents our collective strength during this challenging time. #ConnectedByCreativity is our contribution to the important cultural and educational relationship between our two countries.