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China will provide greater fiscal support and better protection of intellectual property rights to encourage its leading tech firms to step up research, an official with the country's top industry regulator said on Friday.

China's Greater Bay Area strategy reflects "the greatest respect and greatest admiration" the Chinese government has shown to Hong Kong and the people of Hong Kong, and is the solution to social unrest in the special administrative region, said Stephen Perry, chairman of the 48 Group Club, a Britain-based business networking organization.

China's GDP grew by 4.9 percent year-on-year in the third quarter, faster than the 3.2-percent growth between April and June, suggesting "a rapid return to the pre-COVID trend", according to US economist Stephen Roach, also former chairman of Morgan Stanley Asia, a New York-based investment bank.

China will unveil larger-scale tax cuts and tax exemptions for small and micro businesses, a State Council executive meeting chaired by Premier Li Keqiang decided on Wednesday.

China would put another million barrels a day or more on the table in the next few years, said the Bloomberg report, citing Steve Sawyer, director of refining at industry consultant Facts Global Energy.