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China will encourage college graduates to start their own businesses by offering favorable policies and advancing the development of incubator projects, Lu said.

China's VR market expanded 164 percent year on year to reach 16 billion yuan (.37 billion) in 2017, data showed. The market is likely to exceed 90 billion yuan by 2020, according to the Ministry of Industry and Information Technology.

China's GDP growth fell to 6.6 percent year-on-year last year, down from 6.8 percent in 2017.

China will move faster to boost innovation in its national economic and technological development zones in terms of openness, technology and institution building to cultivate new pacesetters in the country's reform and opening-up, the State Council's executive meeting chaired by Premier Li Keqiang decided on Wednesday.

China will take the opportunity on the 40th anniversary of the start of the reform and opening-up policy this year to carry them through to the end, President Xi Jinping said on Sunday, while pledging efforts to "surmount all obstacles to carry the reform further to its ultimate triumph".