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Competition is becoming fiercer, as established tech companies and startups are expanding their businesses to grab market share.

Concerning exports, China mainly exported low-tech products, such as apparel and textiles, which accounted for 32 percent of the total, and medium-tech products, such as mechanical engineering products, which accounted for nearly 31 percent, to these economies mainly because most of them are developing countries and have a relatively low level of industrial development, said the report.

Compared with administrative supervision and self-discipline, Liu pointed out that stock exchanges have the advantages of offering more comprehensive and effective supervision.

Commitment stressed

Congress has passed stimulus bills intended to ease the financial strain of the pandemic, including sending ,200 checks to qualified individuals. Members of Congress are currently assessing the need for another stimulus package.