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China is shaping up to be an emerging force in the global private equity scene. The country was home to 14,309 private equity and venture capital firms by the end of June.

China is by far Australia's biggest trading partner, accounting for about one-third of all Australian exports of goods and services, and is the major market for fee-paying students and tourists.

China is cutting the number of products whose manufacture requires official licensing, the State Council decided at an executive meeting chaired by Premier Li Keqiang on Wednesday.

China has surprised the world with its impressive development of the internet sector and rapid emergence as a leader of the global digital economy, said foreign experts and business leaders, who emphasized the importance of international cooperation in the internet sector.

China is now the world's second-largest market for pharmaceuticals, second only to the United States. Iqvia, a healthcare information company, earlier said China's pharmaceutical market will reach 5 billion to 5 billion by 2022, compared with 2.6 billion in 2017.