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China's economy is currently transitioning from a phase of rapid development to a new stage of high-quality development, with a focus on innovation-driven economic growth and upgrade of the economic structure. The government has initiated a series of policies on digital transformation to catch up with advanced economies and inject new impetus into the economy.

China's exports dropped by 4.7 percent on a yearly basis to 6.2 trillion yuan between January and May and imports fell by 5.2 percent to 5.34 trillion yuan, the Customs data showed.

China's economy contributes more than 30 percent to global economic growth. Its economic development in the past four decades has been established with the spirit, ingenuity and hard work of the Chinese people, combined with the reform of the economy and opening to foreign ideas and investment, Tim Cook, chief executive of Apple Inc, said at the opening ceremony.

China's e-commerce giant Alibaba said on Monday that Singles Day sales on its online shopping platforms this year reached a record 213.5 billion yuan (.7 billion), which represented an increase of about 27 percent from 2017.

China's most popular messenger, with more than 1.1 billion users, will be embedded in new car models coming to the market later this year, the two companies said at the annual Smart China Expo in Chongqing.