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Chinese authorities have singled out 5G, artificial intelligence, industrial internet and the internet of things as investment priorities this year, as the country looks to "construct a new form of infrastructure" and "speed up the commercialization of 5G".

Chinese business news platform Huxiu.com reported on Monday that Ofo is laying off around half of its employees. Huxiu also said Ofo's overseas department had been disbanded, with three high-level executives leaving the firm. Ofo's co-founder Yu Xin responded on his WeChat account that the information was untrue.

Chinese and foreign students attend a postcard-design contest in Guangzhou, Guangdong provinice, Sept 28, 2018. [Photo by Li Wenfang/chinadaily.com.cn]

Chinese and American students play drums together in the De Soto School in Manhattan, New York, Jan 10. [Photo provided to chinadaily.com.cn]

Chinese companies notched up a 42-percent growth in excavator sales on a yearly basis to 17,500 units, according to data released by information provider 21cme.cn. Domestic sales rose 49 percent on a yearly basis to 15,200 units in July, while equipment exports grew 7 percent year-on-year to 2,300 units.