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China, as a key partner in the summit, will organize a three-day forum — "China Pavilion" — in collaboration with the state of California, on the sidelines of the summit.

Chinese Foreign Minister Wang Yi had said he expected the SCO to embark on a new journey in Qingdao.

China's urban population accounted for 60.6 percent of the total population at the end of last year, and Chi said it is expected to hit 66 percent by 2025 through increased urbanization and development of city clusters.

China's value-added industrial output declined 8.4 percent year-on-year in the first quarter as industrial production was seriously affected by the novel coronavirus outbreak, according to data from the National Bureau of Statistics.

China's property developers are likely to continue to borrow significantly from overseas markets as China's lending market is tight and the cost of borrowing is rising.