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China has a population of nearly 1.4 billion, many times that of the United States and Japan. Only Beijing, Shanghai, Guangzhou and Shenzhen have populations surpassing 10 million. The total number of such megacities is expected to go above 10 in the future, said Niu Fengrui, a researcher with the Institute for Urban and Environmental Studies at the Chinese Academy of Social Sciences.

China became one of the top five US patent recipients in 2017 for the first time as the country also reported double-digit growth for its intellectual property sector last year internationally and domestically.

China has great potential to keep its green pledges by attracting more foreign investors, according to Ma Jun, head of the Green Finance Committee of the China Society for Finance and Banking.

China has more than 4,000 small and medium-sized banks, with total assets of about 77 trillion yuan. These banks have limitations in management capacity, and their targeted clients are usually micro, small and medium-sized enterprises. During the novel coronavirus outbreak this year, small and medium-sized banks were noticeably affected by the pandemic, said Cao Yu, vice-chairman of the China Banking and Insurance Regulatory Commission, at a news conference on April 22.

China has been pushing for more unified, effective market regulation, with the State Administration for Market Regulation established in March as part of the reform of government institutions.