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China's government has declared AI research to be the national strategy, which will reshape its economy in healthcare, manufacturing, finance, education and service industry, Liang said, adding China's solid manufacturing base and logistics system whet its competence as America's competitor.

China's fixed assets investment in the transportation sector reached 299.9 billion yuan (.93 billion) in April, up 18.2 percent year-on-year, the Ministry of Transportation said on Wednesday.The volume of commercial passenger traffic reached 570 million in April, returning to 39.8 percent of the same period last year, an increase of 12.8 percentage points over March.The country's public transport in 36 central cities handled 2.86 billion passengers last month, recovering to 50 percent of the same period last year and up 18.6 percentage points from March.

China's new type of communication satellite, ChinaSat 18, has encountered malfunctions since it was placed in space on Monday night, according to Xinhua News Agency.

China's economic stimulus efforts, including financial assistance for infrastructure and tax waivers and reductions for all types of businesses, have sent a clear signal that the country is acting to bolster corporate activities, Wang said.

China's iron and steel industry reported profits of 470.4 billion yuan ( billion) in 2018, surging 39.3 percent year-on-year, while crude steel output grew 6.6 percent to 928.26 million tons, according to the National Development and Reform Commission.