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China's privately-run science and technology enterprises have also started to speed up their investment in the initiative, as the report shows.

China, built on its rapid return to growth, could lend an impetus to the world's economic recovery by expanding vaccine access, providing debt relief and sustaining global infrastructure investment, the International Monetary Fund said Wednesday.

China's rapid urbanization, modern manufacturing and a vibrant services sector are all massive growth opportunities for foreign firms as well as domestic companies. This is true for high-end plastic products, sustainable construction materials and automobile components, as well as for the company's broad spectrum of upstream suppliers and downstream clients, said Javier Gimeno, group senior vice-president and CEO of the company's Asia-Pacific operations.

China, currently the second largest foreign holder of US Treasuries, cut its holdings by .8 billion in August, following a slight drop of .2 billion in July.

China's wearable market is projected to grow 17.4 percent in 2020, with 47.7 percent growth in the earphone market and 37 percent increase in adults' watch market, according to the report.