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China will spearhead the application of negative list management systems for cross-border service trade in designated regions as part of the efforts to optimize its economy, commerce officials said on Wednesday.

China's big three telecom carriers are forecast to spend 900 billion to 1.5 trillion yuan (4 billion to 3 billion) in total on 5G network construction from 2020 to 2025, according to a report from the China Academy of Information and Communications Technology. In comparison, Chinese telecom operators spent 720 billion yuan on 4G network construction from 2014 to 2018.

China's central bank announced a plan to reform the LPR mechanism in August 2019, to better reflect market changes in its latest move to guide borrowing costs lower to support the real economy.

China will soon release a national regulation on improving the country's business climate by establishing a fundamental framework of rules to provide institutional safeguards for investment and business operations by all types of market players, domestic and foreign.

China's aim in hosting the forum now is to gather the thoughts and wisdom of attendees, summarize achievements and experience, and plan routes for cooperation, he added.