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China will increasingly rely on endogenous innovation to spur economic development in the future, a process that needs risk takers from private businesses, while state firms, always slower and more cautious in decision-making, are relatively less vigorous and not that willing to take risks, Fan said.

China's State Council earlier this year made public a guideline to support the economic transformation of Shanxi.

China's TEDA corporation, one of the oldest and largest industrial developers of the Suez Canal Economic Zone (SCZone), is currently developing an industrial zone of 7.23 sq km in Ain Sokhna on the Red Sea coast, whose first phase was already completed and has attracted 68 enterprises in different fields of production.

China will do "whatever it takes" to thwart any effort aimed at Taiwan seceding from China, Senior Colonel Tan Kefei, spokesman of the Ministry of National Defense, said on Thursday.

China's 131 brokerages reaped profits of 66.62 billion yuan last year, plunging 41.04 percent from a year earlier, as a bear stock market took its toll. Some 106 companies reported profits, compared with 120 in 2017, according to the Securities Association of China.