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Another reason for the growing demand from local enterprises is that they are beginning to lead in various industries, meaning they have competitors globally and they need to fight for the best talent with strong industry and language skills, and international work experience.

Apart from the mixed-ownership reform, restructuring plans were also implemented to set up industry giants while reducing the total number of SOEs.

Any of these steps would be a major reform. Taken together, they are a big move in the process of using both domestic and foreign competition to push upgrading of the Chinese economy.

Another 10 billion yuan will be used to provide credit loans and secured loans for private small and medium-sized enterprises with good market performance while 10 billion yuan in additional funds will be used for financing guarantee funds for SMEs, and risk tolerance will be widened.

Another newcomer, Lil Nas X, took home the song of the year award for Old Town Road, his country rap collaboration with Billy Ray Cyrus that ruled for a record 19 consecutive weeks at the top of the Billboard singles chart.