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Central China's Henan province is beefing up efforts to promote industrial restructuring and upgrading, develop advanced manufacturing and foster strategic emerging industries, as part of its broader drive to realize high-quality development.

Carrie Lam Cheng Yuet-ngor, chief executive of the Hong Kong Special Administrative Region, said Hong Kong, under the principle of "one country, two systems", will assume an important role in areas such as finance and investment, infrastructure and shipping as well as economic and trade cooperation and promotion.

Central banks need to raise interest rates to prevent commercial banks from taking excessive risks generated by over-lending, he said.

Chairmen and CEOs from leading global companies including UPS, Volkswagen, Rio Tinto, Nokia, Schneider Electric, ABB and ArcelorMittal attended the meeting.

Cao Deyun, secretary of Insurance Asset Management Association of China, said that China's insurance industry is up against "the most dramatic change in a hundred years". Take life insurance for example, the overall performance of life insurance companies remained a negative growth until the end of November in 2018.